Charlty Reglstratlon No. 1168060 WALTERS FAMILY CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CHARITABLE INCORPORATED ORGANISATION)
WALTERS FAMILY CHARITABLE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trust6&8 Mr R Walter8 Mrs S R Walters Mr M Walters Mr S Rose Charfty number 1168060 Prfnclpal address 55 Ennismore Gardens London SW7 1AJ Reg lstered offl¢e 55 Enni5more Gardens London SW7 1AJ Independent gxamlner H Patel FCCA Gerald Edelman 73 Cornhlll London EC3V 3QQ Bankers Metro Bank 1 Soulhamplon Row London WC1B SHA
WALTERS FAMILY CHARITABLE FOUNDATION CONTENTS Page Trustees report Statemenl of Trustees responsibilities Independent examiner'3 report Statement of financial activities Balance sheet Notes to the accounts 7-12
WALTERS FAMILY CHARITABLE FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 5 APRIL 2024 Th8 Trustees pr&sent their annual r@porl and accounts for the y8ar 8nd@d 5 Aprll 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to Ihe accounts and comply with the charity's governing document, the Chariti8s Act 2011 and Accounting and Reporting by Charities,, Statement of Recommend8d Practice appllcable to charilies preparing thelr accounts In accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021. (as amended for accounting periods commencing from 1 January 2019) Objectlves and actlvltles The charity's objects are as follows: a} Ihe promotion of good health and well being people of all ages wherever situated both at home and abroad bl the advanc8ment of educatlon of young p80p18 both at hom8 and abroad cl the pursuit of such other philanthropic causes as the Trustees determine The Truste8s have pald due regard to guidance Issu8d by the Charlty Commlssion In deciding what actlviti8S the charity Should undertake. The Trustees review all applicatlons received be they from Individuals, institutions or other projects in consultation with their contact8 in Ihe relevant seciors of operation, Decision8 are Ihen made as how to best utlllse the funds avall8ble In Support of the chosen party and in Ilne wlth the alms and objectives of the charlly. Achlevem•nts and porfomiancg During the p6rlod grants wèr6 paid to worlhwhlle causes of £157,50012023.'£135,500}. The maln grants were made as follows.. kva UK-the sum of £40,000 In the support ol homeless and abandoned chlldren In Romanla and Ukralne Jewish Care- sum of £20,000 in 8UPPOrt of services provided including their BeFriending programme Yesodot Letzmicha Dror- the sum of £30,500 towards the eductaion and empowerment of young people and those on the social periphery to contribute lo communities in Israel. Please see not8 6 for detailed breakdown of other grants paid. Flnanclal ravlew The net expenditure for the year was £14,47212023: Income £190,683). The total income received was £146,088 {2023.'£329,084). This primarily arose from donations arising from th8 family Interests of the trustee Mr R Walters. Total expenditure amounted to £160,56012023.' £138,401> which consisted of grants made as described earlier in this report of £157,500 and support costs of £3,061. Having reviewed the charity's financlal forecast and expected future cash flows , the Trustees have a reasonable expectation that the charity has adequate re80urces to continue in Dperational exlstence for the foreseeable future, a period of not188S than 12 months from th8 date of approval of th8$8 financial stat@m8nls. Accordingly. the Truslees continues to adopt the going concern basis in preparing the financial 8tatements for the year ended 5 April 2024. Further details regarding adoption of the golng concern basis can be found in note 1.2 to the financial slatemenls. The reserves at the balance sheet date tolalled £180,622. 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 enable activlties to contlnue 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.
WALTERS FAMILY CHARITABLE FOUNDATION TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 5 APRIL 2024 Structur&i governance and management The charity is a charitable incorporated organisation governed by a constitutlon dated 10 November 2015, The Trustees who served during the year and up to Ihe date of slgnatur8 ofthe financial statemenls were- Mr R Walters Mrs S R Walters Mr M Walters Mr S Rose Addttlonal Irust88s can b8 appoinl8d at th8 discretion of the board, None of the Trustees has any beneflclal Interest In the company. All of the Trustees are m8mb8rs ofthe company and guarantee to contribute £1 in the 8vent of a wlnding up, Tha charity is sdministered on a day to day basis by the Trustee8 who regularly hold Informal me&ting8 to discuss ongoing issues ariBing, All Trusteeg give freely of their tlm8 and no remuneration or benefits are paid to them. Tha Trusto8s r8port was appr0ued.Y[I0 Board of Trustees. Mr R Waltars Trustee Dated.. 27 January 2025
WALTERS FAMILY CHARITABLE FOUNDATION STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 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 th6 incoming resources and application of resources, including the income and expenditure, of the charitable incorporated organi8ation for that year. In preparing these accounts, the Trustees are required to,. select Suttable accounting policies and then apply them congi3tantly', obseN8 the methods and principles in the Charftias SORP., make judgements and estimate8 Ihat are reasonable and prudenl., and prepare the accounts on the going concern bas18 unless 1118 Inappropriate to pr8Bume that the charlty wlll continue In operation. The Trustees ar8 responslble for keeping adequate accounting r8cords Ihal dlsclose with reasonable accuracy at any time the financial position of the charity and enable therr lo ensure that the accounts comply th the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust constitution. They also responsible for 5af8guarding tha assels of tha charlty and hencè for taking r88sonable steps for lh8 pr8venlion and detectlon of fraud and other Irregularllles.
WALTERS FAMILY CHARITABLE FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WALTERS FAMILY CHARITABLE FOUNDATION
| report to the Trustees on my examination of the financial statements of Walters Family Charitable Foundation (the charity) for the year ended 5 April 2024.
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)
| 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 | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
| have completed my examination. | 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
- 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
| 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. Nte bh H Patel FCCA Hibee | Dated: 27 January 2025 For and on behalf of Gerald Edelman Chartered Accountants 73 Cornhill EC3V 3QQ
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WALTERS FAMILY CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notes Income from,, Donations and legacies Investments 143,110 2,978 329,063 21 Total Income 146,088 329,084 Ex endlture on: Charitable activities 160,560 138,401 Net Incom81(expenditurg) for the yoar (14,4721 190,883 Fund balances at 6 April 2023 195,094 4,411 Fund balances at S Aprll 2024 180,822 195,094 The statement of financlal actlvltles includes all galns and losses recognlsed in the year.
WALTERS FAMILY CHARITABLE FOUNDATION BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Notes Current assots Debtors Cash at bank and in hand 10 28,125 155,377 85,812 191,982 183,502 257,794 Credltors: amounts falllng due wlthln one year 11 (2,880) (82,700} Net current assets 180,622 195,094 Tha funds of the charlty Unrestricted funds 180,622 195,094 180,622 195,094 The finanGial statement6 were roved by the Trustees on 27 January 2025 Mr R Walters Trustee
WALTERS FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng policies Charlty Informatlon Walters Family Charitable Foundation is a charitable incorporated organlsation incorporated in England and Wales. The registered office is 55 Ennismore Gardens, London SW7 1AJ . 1.1 Accountlng conventlon The accounts have been prepared in accordanc8 With the charity's governing document, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to chariti8s preparing their accounts in accordanc8 with the Financial Reporting Standard applicable in the UK and Republic of Ir818nd (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 slat8ments are prepared in sterling, which 18 the functional currency of the charity. Monelary amounts in these financial statements are rounded to the near8st £, The accounts have been prapared under tha hlstorical c08t convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the Trusl66s hav& a reasonable expectation that the charity has adequate resources to continue In operational existence for the foreseeable fLrture. Thus the Trustees continue to adopt the going concern basis of accounting in preparing th6 financlal stal&ments, 1.3 Charltable funds Unrestricted fund8 are available for use at the discretion of the Trustees in furtherance of their charitable objectiv8s, 1.4 Income Income is recognised when the charity 18 legally entitled to it after any perfomiance conditions have been met, the amounts Can be measured reliably, and il is probable that income will be received. Cash donations are recognised on rec8lPt. Other donations are recognised once the Gharity 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. L8gacl6s ar6 recogni86d on r8C8lPt or otheTwIs8 If tha charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known. lh8 legacy is treated as a contlngent asset.
WALTERS FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcies Icontlnuedl 1.6 Expandlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commltting the charlty to that expenditure, it is probable that settlement will be required and the amount of th8 obligation can be measured reliably. Any irrecoverabl8 VAT is charged against the expenditure heading to which it relates, Grants payable are payments made lo third partles in the furtherance of the charilable actlvlties of the Trust. Grants are recognised in the accounts whan pald or when the Trustees hav8 agreed to pay the grant without condltion. At th8 end of each year a review 15 carried out In respect of future charltable commitments lo be made and a note to Ihe accounls in Included in respect of the total comrritm6nt8. Charitable 8xpenditure Includ8s grants payable, consultancy fee8 and trustee expenses incurred regarding the provision and supervision of charitable projects. Support costs are also Included under charitable expenditure in Ilne with th8 Stat8m8nt of Recommended Practice. Support costs comprlse governance costs and other support CO8t8, Governance costs comprlsa all costs involving the public accountability of Ihe charfty and its compliance wlth regulation and good practice. These costs Include costs related to Independent examination and18gal fees. 1.6 cash and cash equlvalents Cash and cash equiva18nt8 indud6 cash In hand, deposits held at call with banks, other short-term Ilqul Inveslm6nts wlth orlginal maturities of three months or18ss, and bank overdrafts, Bank overdrafts are shown within borrowings in current liabllities. 1.7 Flnanelal Instrumantg The charlty has elected to apply the provlslons of Section 11 'Basic Financial Instruments, and Section 12 'Oth@r Financial Instruments198ues' of FRS 102 to all of its financlal instruments. Financlal instruments are recognised in the charity's bal8nc8 shaet when the charity becomes party Its the contractual provisions of the Instrumènt. Financial assets and liabiliti88 ar6 offset, with the net amounts presented in the financial statements, when there is a legally enforceab18 right to sel off the recognised amounts and there 18 an intention lo settle on 8 net basis or to realise the asset and settle the liabllity slmullaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transactton price including transaction costs and are subsequently carried at amortlsed cost using the effective interest method unl8SS th8 arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future recelpts dlscounted at a market rale of interest. Financial assets classified as receivabl8 within on6 year are not amortised. Baslc flnanclal Ilabllftles Basic financial liabilities, includlng creditors and bank loans are initially recogni88d al transaction price unless the arrangem8nl constitul8s a financing transaction, where the debt instrument is measured at the psent value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within on8 year ar8 not amortised. Debt Instruments are subsequently carried at amorlised cost, using the effective interast rate method. Trade creditors are obligations lo pay for goods or servlc8s that have been acquir8d in th8 ordinary course of operations from suppli8rs. Amounts payable are classified as current liabilities if payment is due within one y8ar or less. If not, they are presented as non-currenl liabilities. Trade credltors are recognised initially at transactlon price and subsequently measured at amortlS8d cost using the effective inter88t method.
WALTERS FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles (Conllnued Derecognltlon of financial liabilities Financial liabilities arg d8recognised when the charity's contractual obligations 8xplre or are discharged or cance118d. 1.8 Taxatlon As a registered charity the Society is exempt from taxation on its activities which fall within the scop8 of part 10 ITA 2007 and section 256 of Ihe Taxation of Chargeable Gains Act 1992. Crltlcal accountlng estlmat&s and Judgements In the application of lh8 charlty's accountlng policles, the Trustees are requlrad lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not r8adlly apparent from other sources. The estimates and assoclaled assumptions are based on historical experience and olher factors that ar8 considered to be relevant. Actual results may differ from these eslimates. The estimates and underlying as8umption8 are reviewed on an ongoing ba8is. Revisions to accounting estimates are recosnised in the period In whlch the estimate Is revised where the revision affects only that perlod, or In the period of the revision and future periods where Ihe revision affects both current and fulure periods. Donatlon8 and l•gacle8 2024 2023 Donations and gifls 143,110 329,063 The donations were received from the family interests ofthe trustee Mr R Walter8, Inve8tm8nts 2024 2023 Interest receivable 2,978 21
WALTERS FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charltable actlvltl8S 2024 2023 Grant funding cf activities (see note 6) Governance costs 157,500 3,061 135,500 2,901 160,580 138,401 Grants payabl8 2024 2023 Grants lo institutions: Belt Halo¢hem UK Board of Deputies Chai Cancer Care Chabad Jewish Blind Society Jewlsh Care JTV Y8sodol Letzmicha Dror Klbbutz Eshbal MDA UK Tikva UK Half Way Housa UJIA United Haztallah We Believe in13rael Yad Sarah other 10,000 5,000 2,500 2,500 3,000 20,000 5,000 30,500 95,000 3,000 30,000 10,000 40,000 20,000 10.000 2,500 2,500 1,500 157,500 135,500 Governance costs 2024 2023 Ind8pend8nt 8X8minalion fees Accountancy 2,400 661 2,400 501 3,061 2,901 10-
WALTERS FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefils from the charity during the year. No expenses were paicl to the trustees in the year. Employe88 The average monthly number of emplDyees during the year was.. 2024 Number 2023 Numb6r Total 10 Debtorg 2024 2023 Amounts falllng due wlthln one year: Income tax recoverable 28,125 85,812 11 Credltors: amounts falllng dua wlthln ona year 2024 2023 Other creditors Accruals and deferred income 60,000 2,700 2,880 2,880 62,700 12 Share capltal The MpanY has no share capital being a Charitable Incorporat6d Organisalion 11
WALTERS FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 13 Related party transactlons During the year, the charlty recgived donations of £143,110 (2023: £329,063) from the Trustees of the charity. Included in interasl r8c8ivable is the sum of £1,979 received regardlng a short term loan made to Bothwall Group Limited a company in which the Truslga Mr R Walters has an interest. The loan was r8paid durng th@ year. 14 APB Ethl¢al Standard relevant clrcumstances In common with many entities of our size we UB8 our independent examiners to ass1St with the preparation of the a¢count5 12-
- We acl(nowledge our responsibility for the design and implementation of internal contro15 to prevent and detect fraud. We confirm that we have d isclosed to you the results of our own rlsk assessment that the financial statements may be mi55tated a5 a result of fraud. We confirm we have reviewed the internal control system in the year under revlew.
- We conflrm that there have been no actual or suspected Instances of fraud Involving trustees, management or employees who have a signlficant role In Internal control or that could have a material effect on the financial statement5. Wè also conflrm that we are not aware of any allegations of fraud by former trustees. employees, regulators or others. 13, We confirm that, havlng consldered our expettations and intention5 for the next 12 months and the avallabllity of unrestrlcted reserve5, the charity Is a goin8 concern. 14, We confirm that in our opinlon the effect5 of unadjusted mlsstatements are immaterial, both Individually and in agBre8ate, to the financial 5tatement5 as a whole.
- We Confirm that 311 grant5, donation5 and other Income, Including those Subject to speclal terms or condltlons or recelved for restrlcted purposes, have been notified to you. There have been no breache5 of term5 or conditlon5 during the period regarding the appllcatlon of such income.
- We conflrm that we are not aware of any matters of material significance that should be reported to the Charlty Comm1sslon. 17, We acl<nowledge ou r legal responslbllltles regardlng di5c105ure of information to you as Independent examiner5 and conflrm that.. so far as each trustee 15 aware, there is no relevant Independent examination information of which you as Independent examlners are unaware. and each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant independent examinatlon Informatlon and to establish that you are aware of that information. We conflrm that the above representatlons are made on the basls of enqulries of management and staff with relevant knowledge and experlence land, where appropriate of supporting documentatlon sufflclent to 5atlsfy us that we can properly make each of the above representatlons to you and that to the best of our knowledge and belief they accurately reflect the representations made to you bv the tru5tee5 during the course of your independent examinatlon, You rs falthfully, Approved by the board of Trustees and slgned on Its behalf bv: Mr R Walters ./." Trustee Date:
Walters Famlly Charitable Fou ndation 55 Ennismore Gardens Londc SW7 IAJ Charity Number: 1168060 Gerald Edelman 73 Cornhlll London EC3V 3QQ Dear Sirs, Durlng the course of your Independent examlnatlon of the flnanclal statements of the charity for the year ended 5 Aprll 2024, the followlng representations were made to you by rnanagement and tru5tee5. We have fulfllled our responsibllltles as trustees under the Charities Act 2011 for preparing financial statements In accordance wlth the appllcable ftnancial reportln8 framework SORP FRS102 that give a true and fair vlew and for maklng accurate representations to you as our independent examiners. We confirm that all accountlng records have been made avallable to you for the purpose of your independent examination, in accordance with your terms of engagement, and that all the transactions u ndertaken by the Charity have been properly reflected and recorded in the accounting records. All other records and related Informatlon, Includin8 minutes of all management, trustees, and members, meet1ngs, have been made avallable to you. We have given you unrestricted access to persons wlthln the charlty In order to obtain independent examination evidence and have provlded a ny addltlonal Informatlon that you have requested for the purposes of you r independent examinatlon. We conf irm that slgnlflcant assu mptlon5 used by us in making accounting estimates, including those measured at falr value, are reasonable. We conflrm that all known actual or posslble Iltigation and clairns whose effects should be considered when preparln8 the financial statements have been disclosed to the Independent examiner and accounted for and dlsclosed in accordance with FRS102 and the Charltles SORP. We confirm that there had been no event5 since the balance sheet date whlch requlre dlsclosure or which would materially affect the amount5 in the financial statementg, Other than those already disclosed or Included In the flnancial statements. We conflrm that we are aware that a related party of the charlty Ss a person or organisatlon which elthor (directly or I ndirectlyl controls, has joint control of, or signlf icantly Inf]uences the charity or vlce versa and as a result will i nclude: trustees/di rectors, other key management, close fa mlly and other buslness Interests of the prevlous. We confirm that we are not aware of any related partv relationshlps and transactlons. We conflrm that all related party relatlonships and transactions have been accounted for and disclosed in accordance wlth FRS102 and the Charltie5 SORP We conflrm that the charity has had, at no tlme durlng the year, any arrangement, transaction or agreement to provide credit facilities lincluding loans, quasl-loans or credlt transactions) for trustees, nor to guarantee nor provide security for such matters. We conflrm that the charlty has not contracted for any capital expenditu re other than a5 disclosed in the financia I statements. 10. We confirm that we are not aware of any possible or actual Instance of non-compllance with those lawg and regulatlons whlch provlde a logal framework within which the charity conducts its activities and which are central to the charity's ability to conduct its activities, except as explained to you and as disclosed in the financial 5tatementS.