**Charity Registration No. 1168060** ## **WALTERS FAMILY CHARITABLE FOUNDATION** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 5 APRIL 2022** ## **(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 - 12| ## **WALTERS FAMILY CHARITABLE FOUNDATION** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 5 APRIL 2022**_ The Trustees present their annual report and accounts for the year ended 5 April 2022. 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) the 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 Trustees 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 £161,100 (2021:£235,110). The main grants were made as follows: Jewish Care- sum of £50,000 in support of services provided including their BeFriending programme Tikva - the sum of £23,000 in support of a halfway house in Israel Kerne Nichsea Dror - the sum of £36,200 for the provision of additional educational support in the local Jewish community Kibbutz Eshbal - the sum of £25,000 towards the cost of a variety of educational programs including a live-in boarding school Community Security Trust - the sum of £10,000 towards the cost of provision of protection of the Jewish community Please see note 6 for detailed breakdown of other grants paid. ## **Financial review** The net expenditure for the year was £96,620 (2021: Income £75,594). The total income received was £68,190 (2021:£317,869). This primarily arose from donations arising from the family interests of the trustee Mr R Walters. Total expenditure amounted to £164,810 (2021: £242,275) which consisted of grants made as described earlier in this report of £161,100 and support costs of £3,710. The reserves at the balance sheet date totalled £4,411. This level of reserves is not sufficient to ensure that the planned commitments of the charity can be met. The Trustees acknowledge the need to provide additional funding to continue activities enable at their current level. 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. - 1 - WALTERS FAMILY CHARITABLE FOUNDATION TRUSTEES REPORT {CONTINUED}(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 5APRIL 2022 StN¢tU￿, yovtmanc8 and manag8m¢nt The charity 15 8 ehartiablè infxJrporat8d organi6è￿rb 9￿rned ty a cJ)nslitulkJn dated 10 Novembw2015. Trust885 who gwved during the year and up to Ihe date of *n8lure ofth8 fin8￿id 6tstemonts were.. Mr R Watter5 Mrs S R Waltors Mr M Vvalters Mr S R058 Additional trustees can 8pwnled ot the discretion of thè board. Non• of TDJ5t8¢5 ha¥ any bongfirA81 Intwest In tho company. Al oflhB T￿￿t9¢s aro rn￿nbers of the c**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 2021
**Fund balances at 5 April 2022**|**2022**
**£**
68,156
34
68,190
164,810
(96,620)
101,031
4,411|**2021**
**£**
317,844
25| |---|---|---| |||317,869| |||242,275| |||75,594
25,437| |||101,031| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 5 - WALTERS FAMILY CHARrrABLE FOUNDATION BALANCE SHEET AS AT 5 APRIL 2022 2022 CurT•nt au01• D¢bb)l¥ cash at bankar*J In haTh1 10 1.615 18.028 85.503 6.911 101531 Cradltorn.. amoun¢• falllng thwfwlthln y•ar 11 115Tr)1 12.SOO) 4.411 101.031 4.411 101.031 ned on its belbalf ty. Mr R Walte Twslee ## **WALTERS FAMILY CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2022**_ ## **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 amounts 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. - 7 - ## **WALTERS FAMILY CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_ ## **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 it 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. ## _**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 payments 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. - 8 - ## **WALTERS FAMILY CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_ ## **1 Accounting policies** **(Continued)** ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.8 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.9 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** ||**2022**|**2021**| |---|---|---| ||**£**|**£**| |Donations and gifts|68,156|317,844| The donations were received from the family interests of the trustee Mr R Walters. ## **4 Investments** ||**2022**|2021| |---|---|---| ||**£**|£| |Interest receivable|34|25| - 9 - ## **WALTERS FAMILY CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_ ## **5 Charitable activities** |Grant funding of activities (see note 6)
Share of support costs (see note 7)
Governance costs|**2022**
**£**
161,100
-
3,710
164,810|**2021**
**£**
235,110
3,600
3,565| |---|---|---| |||242,275| **6 Grants payable** |Grants to institutions:
British False Memory Society
Bicom
Chai Cancer Care
Community Security Trust
Pinsk Orphanage
Dalaid
Jewish Blind Society
Jewish Care
Jewish Community Centre London
Kern Nichsei Dror
Kibbutz Eshbal
Tikva UK Half Way House
UJIA
We Believe in Israel
Yad Sarah
Other|**2022**
**£**
-
-
2,500
10,000
-
3,000
-
50,000
-
36,200
25,000
23,000
2,000
-
7,000
2,400
161,100|**2021**
**£**
5,000
5,000
-
-
5,000
-
1,000
50,000
10,000
20,000
-
60,000
69,610
9,500
-
-| |---|---|---| |||235,110| - 10 - ## **WALTERS FAMILY CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 5 APRIL 2022**_ |**7**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Professional fees
-
-
Independent examination
fees
-
2,400
Accountancy
-
1,200
Bank charges
-
110
-
3,710|**2022**Support costs Governance
costs
**£**
£
£
-
3,600
-
2,400
-
2,400
1,200
-
1,165
110
-
-
3,710
3,600
3,565|2021
£
3,600
2,400
1,165
-| |---|---|---| |||7,165| ## **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. ## **9 Employees** The average monthly number of employees during the year was: ||The average monthly number of employees during the year was:||| |---|---|---|---| |||**2022**|**2021**| |||**Number**|**Number**| ||Total|-|-| ||There were no employees whose annual remuneration was more than £60,000.||| |**10**|**Debtors**||| |||**2022**|**2021**| ||**Amounts falling due within one year:**|**£**|**£**| ||Other debtors|1,615|18,028| |**11**|**Creditors: amounts falling due within one year**||| |||**2022**|**2021**| |||**£**|**£**| ||Accruals and deferred income|2,500|2,500| ## **12 Share capital** The company has no share capital being a Charitable Incorporated Organisation - 11 - ## **WALTERS FAMILY CHARITABLE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_ ## **13 Related party transactions** During the year, the charity received a donation of £60,000 (2021: £100,000) from Bothwall Group Limited in which the Trustees of the charity, R Walters and S Walters are directors of the company. ## **14 APB Ethical Standard relevant circumstances** In common with many entities of our size we use our independent examiners to assist with the preparation of the accounts - 12 -