**Charity Registration No. 1168060**
## **WALTERS FAMILY CHARITABLE FOUNDATION**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2021**
**(CHARITABLE INCORPORATED ORGANISATION)**
## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr R Walters Mrs S R Walters Mr M Walters Mr S Rose **Charity number** 1168060 **Principal address** 55 Ennismore Gardens London SW7 1AJ **Registered office** 55 Ennismore Gardens London SW7 1AJ **Independent examiner** S Coleman ACA Gerald Edelman 73 Cornhill London EC3V 3QQ **Bankers** Metro Bank 1 Southampton Row London WC1B 5HA
## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 2|
|Statement of Trustees responsibilities|3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 13|
## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
The Trustees present their annual report and accounts for the year ended 5 April 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019)
## **Objectives and activities**
The charity's objects are as follows:
a) t he promotion of good health and well being people of all ages wherever situated both at home and abroad b) the advancement of education of young people both at home and abroad c) the pursuit of such other philanthropic causes as the Trustees determine
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The T rustees review all applications received be they from individuals, institutions or other projects in consultation with their contacts in the relevant sectors of operation. Decisions are then made as how to best utilise the funds available in support of the chosen party and in line with the aims and objectives of the charity.
## **Achievements and performance**
During the period grants were paid to worthwhile causes of £235,110 (2020:£292,736 ) . The main grants were made as follows:
Jewish Care- sum of £50,000 toward improvement of their facilities at their Home Care unit
Tikva - the sum of £60,000 to provide working capital for their Orphanage
UJIA - the sum of £69,610 to facilitate to opening of a facility in Akko for education purposes
Please see note 6 for detailed breakdown of other grants paid.
## **Financial review**
The net income for the year was £75,594 (2020: Expenditure £268,101).
The total income received was £311,869 (2020: £2 7,735 ) . This pimarily arose from donations arising from the family interests of the trustee Mr R Walters.
Total expenditure amounted to £242,275 (2020: £295,836) which consisted of grants made as described earlier in this report of £235,110 and support costs of £7,165.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. The reserves as at 5 April 2021 were £101,031. Based on this level of reserves the Trustees believe that there are adequate but not excessive funds retained to cover the planned ongoing commitments of the charity. The Trustees are also committed to provide such further funding as required in order to meet such planned commitments.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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WALTERS FAMILY CHARITABLE FOUNDATION
TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 5APRIL 2021
Structurn. gov•manc• and manag•mont
The ch81ity is a CharItab incorporated Ofganisation go¥emod by a conSti110n dated 10 No¥ember 2015.
The Tru8lee8, who are also the director5 for the purpose ofcompany l*w, and who sor¥ed ring tho year and
up to the date ol signature of the ffinanclal slatements worn..
Mr R Vlallor•
Mrs S R Vvatters
Mr M llerS
Mr S Rose
Addillonal Iru*te•8 can h •ppointed al th• di8crelion of the board.
None of the Tru81ees has any benefKial internst in the company. All of tho Trust•es arn rnomborn of th•
ompany and guaranteo to contribute £1 in th• •vont ol a ndIng up.
The charity is administered on a day to day basis by the Trustees who regularly hokl infornal meeting810
dls¢u$$ ongoing b6SU•$ arising. All TNstso$ givo freety of thoir tsm• and no romunorntlon ty bonofit• ara pald
lo Ih8m.
Th• Tru8tsa8 Mport was appty by the Boa of Trustees.
MrR
Trustee
Dated.. 3 February 2022
## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2021**_
The Charities Act 2011 requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable incorporated organisation for that year.
In preparing these accounts, the Trustees are required to:
- select suitable accounting policies and then 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 accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable t hem to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust constitution. They also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF WALTERS FAMILY CHARITABLE FOUNDATION**
I report to the Trustees on my examination of the financial statements of Walters Family Charitable Foundation (the charity) for the year ended 5 April 2021.
## **Responsibilities and basis of report**
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the 2011 Act)
Having satisfied myself that the accounts of the charity are not required to be audited under the 2011 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I have identified a matter of concern in my report because I have concerns that ** Enter text to describe nature of concern
I have completed my examination. I confirm that no 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 2011 Act.
- 2 the financial statements do not accord with those 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; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Stephen Coleman ACA For and on behalf of**
Dated: 3 February 2022
**Gerald Edelman Chartered Accountants 73 Cornhill EC3V 3QQ**
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## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**Notes**
**Income from:**
Donations and legacies
**3**
Investments
**4**
**Total income**
**Expenditure on:**
Charitable activities
**5**
**Net income/(expenditure) for the year**
Fund balances at 6 April 2020
**Fund balances at 5 April 2021**|**2021**
**2020**
**£**
**£**
317,844
27,620
25
115
317,869
27,735
242,275
295,836
75,594
(268,101)
25,437
293,538
101,031
25,437|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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WALTERS FAMILY CHARITABLE FOUNDATION
BALANCE SHEET
ASAT5APRIL 2021
2021
2020
CuTrgnt a•sets
Deblofs
Cash at bank and in hand
10
18.028
85,S03
26,000
1,937
103,531
27,937
CTedStors: amounts falllng due wlthln
on• y•ar
11
(2.500)
(2.5001
Net Current a886ts
101.031
25,437
Inc¢Jffl• fvnds
UnfestrKted fvnds
101.031
25,437
101,031
25,437
The aceounls were approved by the Board of Twstees ar*d were alrthori for issue on 3 February 2022 and
signed on 118 behalf by..
alt•Yg
Trustee
## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
## **Charity information**
Walters Family Charitable Foundation is a charitable incorporated organisation incorporated in England and Wales. The registered office is 55 Ennismore Gardens, London SW7 1AJ .
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention . The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Any irrecoverable VAT is charged against the expenditure heading to which i t relates.
Grants payable are payments made to third parties in the furtherance of the charitable activities of the Trust. Grants are recognised in the accounts when paid or when the Trustees have agreed to pay the grant without condition. At the end of each year a review is carried out in respect of future charitable commitments to be made and a note to the accounts in included in respect of the total commitments.
Charitable expenditure includes grants payable, consultancy fees and trustee expenses incurred regarding the provision and supervision of charitable projects. Support costs are also included under charitable expenditure in line with the Statement of Recommended Practice.
Support costs comprise governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees .
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.7 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
## **1.8 Taxation**
As a registered charity the Society is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Donations and gifts|317,844|27,620|
The donations were received from the family interests of the trustee Mr R Walters.
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## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **4 Investments**
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**2021**|2020|
|||**£**|£|
||Interest receivable|25|115|
|**5**|**Charitable activities**|||
|||**2021**|**2020**|
|||**£**|**£**|
||Grant funding of activities (see note 6)|235,110|292,736|
||Share of support costs (see note 7)|3,600|-|
||Governance costs|3,565|3,100|
|||242,275|295,836|
||**Analysis by fund**|||
||Unrestricted funds|242,275||
|||242,275||
||**For the year ended 5 April 2020**|||
||Unrestricted funds||295,836|
||||295,836|
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## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **6 Grants payable**
|Grants to institutions:
Beit Halochem UK
British False Memory Society
Bicom
Campaign against Anti Semitism
Community Security Trust
Pinsk Orphanage
Jewish Blind Society
Jewish Care
Jewish Community Centre London
Lesomet Lemicha Dror
Tikva UK Half Way House
UJIA
We Believe in Israel
J-TV the Global Jewish TV Channel
Other
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Professional fees
3,600
-
Independent
examination fees
-
2,400
Accountancy
-
1,140
Bank charges
-
25
3,600
3,565
Analysed between
Charitable activities
3,600
3,565|**2021**
**£**
3,600
2,400
1,140
25
7,165
7,165|**2021**
**£**
-
5,000
5,000
-
-
5,000
1,000
50,000
10,000
20,000
60,000
69,610
9,500
-
-
235,110
Support
costs
Governance
costs
£
£
-
-
-
600
-
2,500
-
-
-
3,100
-
3,100|**2020**
**£**
30,000
-
2,500
12,500
5,000
-
-
50,000
2,272
-
20,000
150,000
-
12,501
7,963
292,736
2020
£
-
600
2,500
-
3,100
3,100|
|---|---|---|---|
## **7 Support costs**
## **8 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were paid to the trustees in the year.
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## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **9 Employees**
||The average monthly number of employees during the year was:|||
|---|---|---|---|
|||**2021**|**2020**|
|||**Number**|**Number**|
||Total|-|-|
||There were no employees whose annual remuneration was more than £60,000.|||
|**10**|**Debtors**|||
|||**2021**|**2020**|
||**Amounts falling due within one year:**|**£**|**£**|
||Other debtors|18,028|26,000|
|**11**|**Creditors: amounts falling due within one year**|||
|||**2021**|**2020**|
|||**£**|**£**|
||Accruals and deferred income|2,500|2,500|
## **12 Share capital**
The company has no share capital being a Charitable Incorporated Organisation
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## **WALTERS FAMILY CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **13 Related party transactions**
During the year, the charity received a donation of £100,000 (2020: £ nil) from Bothwall Group Limited in which the Trustees of the charity, R Walters and S Walters are directors of the company.
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