Charity number: 1062657 Madeleine Mary Walker Foundation Trustees, report and fjnancial statements for the year ended 31 March 2025
Madeleine Mary Walker Foundation Contents Page Legal and administrative inforniation Trustees report Independent examiT]ers' report Stalement of financial activities Balance sheet Notes to the financial statements 8- 11
Madeleine Mary Walker Foundation Legal and administrative information Charity number 1062657 Business address l Levington Wynd Nunthorpe Middlesbrough TS7 (IQD Trustees P. F. B¢nfield M. P. Frankland T.J. Power M. G. Westgarth-Taylor A. Frankland P. Gaynon Accountants Chipchase ManneTS 384 Linthorpe Road Middlesbrough 'rs5 6HA Bankers Bayclays Bank PLC 4 St Peters House Pavilion Shopping Centr¢ Stockton-on-Tees TS17 9F"F Solicitors Newtons Solicitors Martin House High Street Stokesley TS9 SAD Page I
Madeleine Mary Walker Foundation Report of the trustees for the year ended 31 March 2025 The trustees present their report and the financial statements for the year ended 31 March 2025. The trustees who served during the year and up to the date of this report are set out on page l. The financial statements have been prepared in accordance wtth the accounting policies set out in note I to the accounts and comply with the chairty's trust deed, Charities Act 2011 and Accounting and Reporting by Charities- Statement of Recommended Practice applicabe to charities preparing their accounts in accordance with the Finacial Reporting Standard applicable in the UK and Republic of Ireland. Structure, governance and management Governing document The charity is governed by its Tst Deed. Governing body The tStee5 are appointed by the Board of Trustees and are required to meet specifications concerning eligibility, personal competence. specialist skills and local availability. The trustees may serve the charity until the age of eighty is attained. subject to approval. Trustee-training New trustees are inducted into the working environment of the charity, including trustees policy and procedures. All tnsstees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses are shown in note 5 of the accottnts. Organisational management Th¢ trustees meet 415 times a year to deterniine the gen¢ral policy of the charity and i-eview its overall maiiagen]ent and control for which Ihey are legally responsible. Risk management The trustees have examined the major strategic, business and operatiOTJal risks to which the charity is exposed. The trustees confimi that systems have been established to enable regular reports to be produced so that the necessary stLPS can be takeii to lessen these risks. Grant making policy When trustees meet, they assess grant applications, and may interview individual grant applicants. The size of the grant is determined by the available funds, the number of applicants and the need of tlie applicants. The ti-ustees review the grant making policy annually to ensure that it refl¢cts the charity's objectives and therefore advances public benefit. Applications are encouraged from all social and economic backgrounds, regardless of gender. disability, sexual orientation or ethnicity. Objectives and actlVAties for the public benefit The objective of the charity is the promotion of education through making grants to appropriate individuals. The trustees confirni that they have referred to the gltidance contained in the Charity Commissions general guidance on public benefits when reviewing the charity's aims and objectives. Siralegic aim and objectives The charity's Strategic aim is the promotion of education, experience and achievernent through making grants to appropriate individuals and organisations. Page 2
Madeleine Mary Walker Foundation Report of tbe trustees for the year ended 31 March 2025 Principol activity The principal activity of the charity is to promote education through making grants to appropriate individuals and organisations. Achievements and performance The listed investments were revalued at their market value at the balance sheet date resulting in an unrealised loss of £31,179 (2024-. Profit of £6,844). Listed investments were sold during the year resulting in a realised profit of £12,101 (2024- Loss of £2,237). Income for the year from rental properties amounted to £52.712 (2024: £43,465) and investment income £10,385 (2024: £9,379). Financial review Reserves policy It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure. This provides suffiLient funds to cover manauement, administration and support costs. 'fhe current level of free reserves exceeds this figure, but it is the trustees intention to hold such levels of free reserves as they see fiL in order to respond to ¢m¢rgency applications for orants which arise from time to time. Investment powersy policy and performance The trustees will continue to take professioFJal advice on the equity holdings and look for investment opportunities for the part of the fund held in cash. Plans for future periods The Ch.ty plans to contiiiue the activities outlined above in the forthcoming years. Page 3
Madeleine Mary Walker Foundation Report of the trustees for the year ended 31 March 2025 Statement of trustees, responsibilities The trustees are responsible for preparing the Trustees, Annual Report and the financial statemeT]ts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Acconting Practice). 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 charity and ofthe incoming resources and application of resources of the charity for that y¢ar. In preparing these financial statements the trustees are requtr¢d to: select suitable accounting policies and ihen apply them consistently; observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it IS Tnappropriate to presume that the Charity will Continue in operation. The trustees are re.%ponsible for keeping proper accounting records which disclose with reasonable accuracy at any time the rinancial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguardino the assets of the Lljarity and hence for taking reasonable steps for the prevention kmd detection of fraud and other irregularilies. On behalf of the board M. P. Frankland Trustee 23 January 2026 Page 4
Madeleine Mary Walker Foundation Independent examiner's report to the trustees on the unaudited financial statements of Madeleine Mary Walker Foundation. I report on the accounts of Madeleine Mary Walker Foundation for the year ended 31 March 2025 which comprise the Statement of Financial activities, balance sheet and related notes. Respective responsibilities of trustees and illdependent examiner As the charity's trustees you are responsible for the preparation of the accounts. you consider that an audit is not required for this year UT]der section 144(2) of the Charities Act 2011 (the 2011 Act), that an independent examination is needed. It is my responsibility to examir]e the accounts under section 145 of the 2011 Act. lo follow the procedures laid down in the General Direction5 given by the Charity Commission under section 145(5)(b) of the 201 l Act- and to state whether particular matters have come to my attention. Basis of independent examiner's statement My examination was carried out in accordance with the General Directions given by the Charity Cummission. An examination includes a review of the accounting records kept by the charity and a comparison of the accolints presented with those records. It also in¢lud¢s consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such malters. The procedures undertaken do not provid¢ all the evidence that would be required in an audit and consequently no opinion is giv¢n as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention: (i) which gives me reasonable cause to believe that in any material r¢spect the requirements-. to keep proper accounting records in accordance with section 130 of the 201 l Act. and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met. or (it) to which, in my opinion, att¢ntion should be drdwn in order to enable a proper understanding of the accounts to be reached. C. S. Gorman ACA, FCCA IndependeDt examiner 384 Linthorpe Road Middlesbrough TS5 6HA 23 January 2026 Page 5
Madeleine Mary Walker Foundation Statement of financial aetivities For the year ended 31 March 2025 Unrestricted funds 2025 Total 2024 Total Notes Income and endowments Investment income 63,097 63,097 52,844 Total income 63,097 63,097 52,844 Expenditure Investment management costs Expenditure on Charitable activities Support costs 11,787 47,131 1,184 11,787 47,131 1,184 12.790 11,630 528 Total expenditure 60.102 60,10? 24.C)48 Net (outgoing)lincoming resources before other reeognised gains and losses 2,995 2.995 27,896 Other reeognised gains and losses Gaingl(Losses) on investment assets Other (105ses)/gains 12.101 12,101 (31,179) (31.179) (2,237) 6,844 Net movement in funds (16,083) (16.083) 32,503 Reconciliation of Funds Total funds brought forward 1,355,663 1.355,663 ,323,160 Total funds carried forward 1,339,580 1.339.580 1,355,663 The notes on pages 8 to I I form an integral part of these flnancial stAtements. Page 6
Madeleine Mary Walker Foundation Balance sheet as at 31 March 2025 2025 2024 Notes Fixed assets Investments Current assets Debtors Cash at bank and in hand 1,289.632 1.094,2 12 1,833 52,735 ,433 263,768 54.568 265,201 Creditors: amounts falling due within one year 10 (4,620) (3,750) Net eurrent assets 49,948 261.451 Net assets 1.339,580 1,355,663 Fund5 of the charity Unrestricted income funds 1,339,580 1,355,663 Total charity funds 1,339,580 .355,663 The financial statements were approved by the trustees on 2J January 2026 and signed on its behalf by M. P. Franldand Trustee The note5 on pages 8 to I I form an integral part of these financial statement& Page 7
Madeleine Mary Walker Foundation Notes to financial statements for the year ended 31 March 2025 Statement of Compliance The financial statements have been prepared in compliance with FRSI 02, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Statement of Recoinmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland FRS102 (Charity SORP (FRS102)) and the Charities Act 2011. Accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistelltly throu&hout the year and the preceding year. 2.1. Basis of preparation The financTal statements are prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the income or expenditure The financial 5tateTnents are prepared in sterling. which is the nCtIOnal currency of the entity. 2.2. ID¢oming resources All incoming resource5 are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Income from investments is included in the year in which it is receivable. 2.3. Resources expended ExpeNditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part ofthe expendilure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those cost5 of an indirect nature necessary to support them. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity. 2.4. Investments Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities. 2.5. Going Concern The trustees consider that there are no material uncertanties alN)Ut lh¢ charity's ability to continue as a going concern. 2.6. Disclosure exemptions The entity satisfies the crileria ot"b¢ing a qualifying entity as defined in fRS 102. As such, advantage has been taken of the following disc105ure exemptions available under paragraph 1.12 of FRS 102. Disclosure in respect of the financial instruillents have not been presented Page 8
Madeleine Mary Walker Foundation Notes to financial statements for the year ended 31 March 2025 2.7. Judgements and key source of estimation uncertainty The preparation of the financial statements require management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually review and are based on experience and other factors, Investment income Unrestrieted funds 2025 Total 2024 Total Income from UK investment properties Income from UK listed investments 52,712 10,385 52,712 10,385 43.465 9,379 63,097 63,097 52,844 Investment management costs Unrestricted funds 2025 Total 2024 Total Insurance Rat¢s, Fleat and Light and Repairs Agents fees Legal & professional fees 1,603 816 6,619 2,749 1,603 816 6,619 2,749 1,538 2,063 6.136 3,053 11,787 11.787 12,790 Costs of charitable activities - by fund type Un restricted funds 2025 Total 2024 Total Grants paid 47,131 47,131 11.630 47,131 47,131 11,630 Support costs Unrestricted funds 2025 Total 2024 Totsl Sundry Accountancy fees Bank charges 137 912 135 137 912 135 402 126 1,184 1,184 528 Page 9
Madeleine Mary Walker Foundation Notes to financial statements for the year ended 31 March 2025 Employees Employment costs No salaries or wages have been paid to employees. including the trustees, during the year. No employee received emoluments of more than £60,000 (2024 . None). Number of employees The average monthly numbers of employees (including the trustees) during the year, calculated on the basis of full time equivalents, was as follows= 2025 Number 2024 Number Cash held as part of the Listed Investment iJJvestment investments properties portfolio Fixed asset investments Totsl Valuation At l April 2024 Additions Disposals Revaluations 292,510 792,826 216,788 8,876 1.094.212 62.228 336,296 (60,029) (122,257) (18,619) (62,228) (18,619) At 31 March 2025 268,943 1,009,614 11,075 1,289,632 Historical co,%t as at 31 March 2025 292,510 1,009,614 8,876 1,311,000 All fixed asset investments are held within the United Kingdom. Investment properties are held at cost. In the opinion of the trustees there has b¢en no rnovemenl in the market value of the investment properties. Debtors 2025 2024 Other debtors and prepayments 1,833 1,433 Page 10
Madeleine Mary Walker Foundation Notes to financial statements for the year ended 31 March 2025 10. Creditors: amounts falling due within one year 2025 2024 Trade creditors 4,620 3,750 ii. Analysis of net assets between funds Unrestricted funds Total funds Fund balances at 31 March 2025 as represented by: Investment assets Current assets Current liabilities 1.289,632 54.568 (4,620) 1,289,632 54,568 (4,620) 1,339,580 1,339,580 12. Unrestricted funds At l April Incoming Outgoing Cains and 2024 resources resourees losses At 31 Mareh 2025 General Reserves 1,355,663 63.097 {60,102) {19,078) 1,339,580 Page 11