THE ANNE AND JOHN WALTERS CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS for the year ended 5 April 2025 Registered Charity number: 1040859
THE ANNE AND JOHN WALTERS CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
| CONTENTS | |
|---|---|
| Pages | |
| Administrative information | 1 |
| Trustees’ report including statement of Trustees’ responsibilities | 2 – 4 |
| Independent examiners’ report | 5 |
| Statement of financial activities | |
| (including summary of income & expenditure account) | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 – 12 |
THE ANNE AND JOHN WALTERS CHARITABLE TRUST ADMINISTRATIVE INFORMATION
| Trustees: | R Wishart - Chair |
|---|---|
| I G Humphrey | |
| J A Fisher | |
| Registered office: | 153a Metchley Lane |
| Harborne | |
| Birmingham | |
| B17 0JL | |
| Bankers: | Unity Trust Bank |
| Four Brindley Place | |
| Birmingham | |
| B1 2JB | |
| Independent examiner: | Mr P Whitehead |
| Malcolm Piper & Company Limited | |
| Kingsnorth House | |
| Blenheim Way | |
| Birmingham | |
| B44 8LS | |
| Property managers: | Fishers (Harborne) Limited |
| 5-6 Weekin Works | |
| 112-116 Park Hill Road | |
| Harborne | |
| Birmingham | |
| B17 9HD | |
| Pennycuick Collins | |
| Chartered Surveyors | |
| 54 Hagley Road | |
| Birmingham | |
| B16 8PE | |
| Registered charity number: | 1040859 |
| Enquiries: | 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 financial statements for the year ended 5 April 2025. 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 J 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 6 and the Balance Sheet on page 7.
The gross income of the Charitable Trust for the year ended 5 April 2025 amounted to £200,490 (2024: £209,142). Direct Charitable expenditure in the form of support costs and donations, grants and other benefits paid totalled £235,859 (2024: £216,284) and governance costs totalled £3,180 (2024: £3,000). Gains on the sale of investment properties amounted to £133,349 (2024: £33,985). The remaining investment properties increased in value during the year by £140,000 (2024: £165,150).
This resulted in a balance of net income after gains and losses on investments of £234,800 (2024: £188,993).
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 2025, the Charitable Trust held reserves, less investment assets, of £259,378 (2024: £96,028). 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 £82,039 (2024: £68,284). The cash reserves therefore represent approximately 38 months (2024: 17 months) of annual expenditure. Reserves are necessary because:
-
A substantial part of the income is derived from investments in the properties held. These distributions are variable and dependent upon the economic climate and the continued rental received from tenants of the properties.
-
The investment properties held require, from time to time, significant expenditure to maintain their intrinsic value.
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 risks.
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 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP 2019 (FRS 102)
-
make judgements and estimates that are reasonable and prudent;
-
act in accordance with the rules of the Charitable Trust, the Charity Commission and the Trust Deed;
-
state whether applicable accounting standards have been followed, subject to any material departures discussed and explained in the financial statements;
-
prepare financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Trust will continue in operation.
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.
Approved by the Trustees on 5 February 2026 and signed on its behalf by:-
J A Fisher Trustee
I G Humphrey Trustee
R Wishart Trustee
Page 4
REPORT OF THE INDEPENDENT EXAMINER
TO THE TRUSTEES OF THE ANNE AND JOHN WALTERS CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ANNE AND JOHN WALTERS CHARITABLE TRUST
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2025, which are set out on pages 6 to 12.
RESPONSIBILITIES AND BASIS OF THE REPORT
As the Charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER’S STATEMENT
I have completed my examination and I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
(1) accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
-
(2) the accounts do not accord with these records; or
-
(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Peter Whitehead FCA Malcolm Piper & Company Limited Chartered Accountants
Kingsnorth House Blenheim Way Birmingham B44 8LS
Date: 5 February 2026
Page 5
THE ANNE AND JOHN WALTERS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (Including summary of income and expenditure account)
AS AT 5 APRIL 2025
| Income Investments Rental Income Other income Total income Expenditure on: Charitable activities Donations, grants and other benefits paid Support costs (note 3) Governance costs (note 5) Total expenditure Net expenditure before gains and losses Realised gains on sale of freeholds Unrealised net gains/(losses) on investments Net surplus/(deficit) and Net movement in funds Total funds brought forward at 6 April 2024 Total funds carried forward at 5 April 2025 |
Restricted funds £ Unrestricted funds £ 2025 Total £ Restricted fund £ Unrestricted fund £ 2024 Total £ - 199,550 199,550 - 203,927 203,927 - 940 940 - 5,215 5,215 |
|---|---|
| - 200,490 200,490 - 209,142 209,142 |
|
| - (157,000) (157,000) - (151,000) (151,000) - (78,859) (78,859) - (65,284) (65,284) - (3,180) (3,180) (3,000) (3,000) |
|
| - (239,039) (239,039) - (219,284) (219,284) |
|
| - (38,549) (38,549) - (10,142) (10,142) - 133,349 133,349 - 33,985 33,985 - 140,000 140,000 - 165,150 165,150 |
|
| - 234,800 234,800 - 188,993 188,993 - 7,962,813 7,962,813 - 7,773,820 7,773,820 - 8,197,613 8,197,613 - 7,962,813 7,962,813 |
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 8 to 12 form part of the financial statements.
Page 6
THE ANNE AND JOHN WALTERS CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2025
| 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 |
2025 £ 699,810 699,810 5,280 5,280 (4,383) (441,329) (445,712) 259,378 7,938,235 |
2024 £ 538,515 |
|---|---|---|
| 538,515 | ||
| 7,634 | ||
| 7,634 | ||
| (7,103) (443,018) |
||
| (450,121) | ||
| 96,028 | ||
| 7,866,785 | ||
| 7,938,235 8,197,613 8,197,613 8,197,613 |
7,866,785 | |
| 7,962,813 | ||
| 7,962,813 | ||
| 7,962,813 |
These financial statements were approved and authorised for issue by the Board on 5 February 2026.
Signed on behalf of the board of Trustees:
J A Fisher - Trustee I G Humphrey - Trustee
R Wishart - Trustee
Page 7
THE ANNE AND JOHN WALTERS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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’s 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 8
THE ANNE AND JOHN WALTERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2025
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:
-
Expenditure on charitable activities includes donations, grants and benefits paid;
-
Investment management costs relate to costs of professional property managers and
-
Other expenditure represents those items not falling into the above categories.
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 9
THE ANNE AND JOHN WALTERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2025
3 SUPPORT COSTS
| Management fees Rent, rates and water Insurance Repairs and maintenance Bank charges Management and administration Legal fees Lighting and heating |
2025 £ 28,441 5,936 7,120 30,492 90 6,422 143 215 78,859 |
2024 £ 27,668 4,591 891 28,796 88 3,144 106 - 65,284 |
|---|---|---|
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 (2024: Nil).
5 GOVERNANCE COSTS
| Professional fees (including independent examiners remuneration) |
2025 £ 2024 £ 3,180 3,000 |
|---|---|
6 INVESTMENTS PROPERTIES
| At 6 April 2024 Disposals Revaluations during the year At 5 April 2025 |
Freehold Properties £ Freehold Ground Rents £ Leasehold Properties £ Leasehold Ground Rents £ Total £ 5,650,000 2,015,960 200,000 825 7,866,785 - (68,550) - - (68,550) 180,000 - (40,000) - 140,000 |
|---|---|
| 5,830,000 1,947,410 160,000 825 7,938,235 |
Page 10
THE ANNE AND JOHN WALTERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2025
7 DEBTORS
| Rent receivable Other debtors CREDITORS: Amounts falling due within one year: Accruals Deferred income (see note 9) DEFERRED INCOME At 6 April 2024 Lease extensions during the year Credited to SOFA in the year At 5 April 2025 |
2025 £ 3,000 2,280 5,280 2025 £ 4,383 441,329 445,712 2025 £ 443,018 7,650 (9,339) 441,329 |
2024 £ 7,634 - 7,634 2024 £ 7,103 443,018 450,121 2024 £ 407,679 44,600 (9,261) 443,018 |
|---|---|---|
8 CREDITORS: Amounts falling due within one year:
9 DEFERRED INCOME
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 | Net gain on | At | |||
|---|---|---|---|---|---|
| 6 April | Investments | 5 April | |||
| 2024 | Income | Expenditure | £ |
2025 | |
| £ | £ | £ | £ | ||
| Unrestricted funds | 7,962,813 | 200,490 | (239,039) | 273,349 | 8,197,613 |
Details of the funds are given in note 1c.
Page 11
THE ANNE AND JOHN WALTERS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2025
11 TRANSACTIONS INVOLVING TRUSTEES
No Trustee has had any beneficial interest in any material contract undertaken, or on behalf of the charity.
Page 12