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2022-03-31-accounts

111 walton-harity Building a thriving Elmbridge community Trustees. report and financial statements for the year ended 31 March 2022

Charity administration

BOARD OF TRUSTEES/COMPANY DIRECTORS

Chair

Ms Sarah Tomkins Chair from 28 April 2022 (appointed as trustee 29 April 2021) Mr Nicholas Stuart Until 28 April 2022

Vice Chair

Mr Robert Mills Mrs Juliet Hobbs

Vice Chair from 29 April 2021 Vice Chair until 29 April 2021 (retired as trustee 28 October 2021)

Chair of Finance & General Purposes Committee

Mr Paul Tajasque From 19 June 2021 Mr Jim Vizzini Resigned 7 June 2021 Chair of Grants Committee Mrs Elizabeth Kennedy From 19 June 2021 Mr Andrew Button-Stephens Appointed 29 April 2021 Mr David Easson Ms Alexandra Fitzpatrick Appointed 29 April 2021 Mr Graham Mann Resigned 29 July 2021 Mr Dennis Pillay Mrs Kellie Scott

Chief Executive & Company Secretary

Mrs Jackie Lodge

Bankers

Barclays Bank Plc, 8-12 Church Street, Walton on Thames, Surrey KT12 2QX

Auditors

Menzies, Centrum House, 36 Station Road, Egham, Surrey TW20 9LF

Registered address

Charities House 1 & 2 The Quintet Churchfield Road Walton-on-Thames Surrey KT12 2TZ

Reporting charity

Solicitors

Moore Barlow, The Oriel, Sydenham Road, Guildford, Surrey GU1 3SR

Walton on Thames Charity 1185959

Linked charity

Walton on Thames Charity 1185959-1

Surveyor

Curchods, Portmore House, 54 Church Street, Weybridge, Surrey KT13 8DP

Company registration number

12202541

Investment manager

Cazenove, 1 London Wall Place, London EC2Y 5AU

Regulator of Social Housing registered number

A0157

Walton on Thames Charity is alternately referred to as

Foreward

Nick Stuart Retiring Chair of Trustees

As we emerge from the impacts of the pandemic, we are facing a cost-of-living crisis on top of some of the most unaffordable housing in the country.

While the COVID-19 pandemic has affected all our lives, the impact has fallen unevenly and unequally across Elmbridge. Those already struggling have been hit hardest and for many local people, life post pandemic is full of uncertainty. We have worked throughout the year to develop our five-year plan which was published at the beginning of 2022. We have set out our strategic ambitions to help support people in Elmbridge, and will use our assets to tackle issues of poverty, health, loneliness, housing, and educational attainment.

We have commissioned the New Economics Foundation to undertake research into the changing picture of poverty in Elmbridge. This follows their report Inequalities in Elmbridge, which was published in 2015. The new report will help inform our grant making and investment in the local community in line with our strategic plan.

We are delighted to have worked with our extensive community of allotment tenants to establish a selfmanagement committee. The Walton Allotment Association officially took over the management of the four allotment sites in January 2022. Each site has its own management team made up of allotment tenants, ensuring tenant involvement and leading to site improvements. Walton Charity will continue to support and work with Walton Allotment Association to ensure the longevity of our allotments for the enjoyment of the local community.

Our grants have supported a wide range of community groups and individuals facing diverse challenges. We have given over £561K to organisations and beneficiaries which are detailed on page 15. We have strengthened our partnerships with local schools and charities, providing delegated

grant budgets to ensure funds are available to support those most in need.

As part of our support for the local community, the Board of Trustees agreed to take on managing the Walton and Hersham Foodbank. We have worked closely with the Foodbank since its inception in 2011, and are delighted to be able to strengthen this relationship.

The Charity has made a significant investment in our IT infrastructure to enable our staff to work flexibly. Our IT operations are now more resilient and secure and fit for purpose.

The three new trustees appointed in April 2021 are Andrew Button-Stephens, Alexandra Fitzpatrick, and Sarah Tomkins. All three have brought a wide range of skills and experience to the board. We were sorry to lose two trustees throughout the year and I thank Graham Mann and Jim Vizzini for their support and work for the Charity during their time on the board.

Besides the normal board and committee meetings, the trustees have been very active in supporting the CEO and the senior team on various projects including IT, social research, financial and property matters. I am very grateful to them for the time and advice that has been given which has greatly benefited the Charity.

This is my final report as Chair of Walton Charity as I am nearing the end of my maximum term of office. I am delighted to be handing over the reins to Sarah Tomkins who I know will lead the Charity with passion and integrity.

It has been a privilege to have chaired Walton Charity over the past five years, and I would like to thank my fellow trustees for their support during this time. I will remain a trustee until the end of the 2022-23 financial year and know that the Charity will continue to do its utmost to serve the local community for many years to come.

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Objectives & activities

Building a thriving Elmbridge community

Walton Charity was formed from an amalgamation of 11 charities which were consolidated under a scheme of administration in 1963. The Charity can trace its origins to before 1212.

More recently, the Charity was incorporated on 12 September 2019, with a new charitable company being established. The non-permanent endowment assets and operating agreements were transferred to the new entity. The new charitable company (registered charity number 1185959, registered company number 12202541) is the reporting entity and is linked to the original endowed charity which is now numbered 1185959-1 (previously 230652).

The Charity's revised objects are, for the public benefit:

Walton Charity is a local charitable foundation that understands the needs of those living in Elmbridge. We use our assets (people, land, property and funds) to tackle issues of poverty, health, loneliness, housing and educational attainment in our local area.

Our vision

An Elmbridge community where each one of us has the opportunity and support to live a rewarding life, free from poverty and inequality.

Our mission

We understand and raise awareness of the impacts of poverty and inequality. Working together with our partners and the community, we initiate and facilitate programmes that deliver tangible and lasting improvements to the quality of life of those living in our borough.

Our values

Forward-thinking Bold Influential Independent Open minded

We focus on five priority areas

Poverty Alleviating financial poverty and hardship Health Promoting personal health and wellbeing Loneliness Addressing isolation and loneliness Housing Promoting affordable housing for all ages Education Improving educational attainment

Trustee report & financial statements | 4

shall mean the Ancient Parish of Walton-on-Thames and, subject thereto, elsewhere in the Borough of Elmbridge.

The trustees have appointed a Chief Executive who is responsible for the operational day-to-day management of staff and services and is accountable to the trustees. Staff salaries are reviewed annually taking into consideration inflationary and market plans and budgets and monitors these through regular meetings and reports. On appointment,

trustees receive an induction and on-going trustee development is addressed through presentations at meetings, and circulation of briefings. The board meets at least six times a year and has a committee structure to scrutinise key areas.

Charitable and public benefit

Through planning, monitoring and reviewing, the trustees have due regard for the impact of the services provided by the Charity. They have referred to the guidance of the Charity Commission on Public Benefit and are actively seeking to ensure that resources are maximised for the benefit of those in -onand the wider area of the Borough of Elmbridge.

5 |

Planning ahead

The Board of Trustees has agreed a new five-year plan, setting out a clear direction for the Charity. From 2022-2027, these five strategic priorities will drive our work.

----- Start of picture text -----
Engaging our
Tackling child
community in the
poverty in Elmbridge
big issues facing
local people Working with our
partners to reduce the
Raise awareness of, and
causes and symptoms of
engage our community in child poverty in
the local issues of inequality
Elmbridge.
and poverty.
Providing
affordable homes
Enabling more local people
to live in decent homes they
can afford.
Being a responsible
Making the Charit s
member of the
assets work hard for
Elmbridge community
our community
As an employer and a charity,
Using the C
we will act with integrity at all
land, and estates to create
times. We will be honest
greater social value for local
partners and responsible
people and communities.
stewards of Charity assets.
----- End of picture text -----

Our full five-year strategy can be found at www.waltoncharity.org.uk/publications

Trustee report & financial statements | 6

Achievements & performance in 2021-22

£561,044 was committed in grant funding across our five priority areas: financial poverty, isolation and loneliness, health and wellbeing, affordable housing and education

66% of grants were dedicated to supporting local children and families

83% of the organisations surveyed said we have a good understanding of the needs of our local community

1,347 food parcels were distributed to 3,645 local people including 1,712 children

436 local people used our community green spaces for exercise, socialising and to grow fruit and vegetables

Clockwise from top left: Walton & Hersham Foodbank; Stripey Stork Christmas Appeal; school uniform delegated fund; Cook4Care; Home-Start Parenting Café; Walton Charity Community Allotment

Almost half of participants said their physical and mental health improved after spending time on our Community Allotment

142 people were housed in our independent living and social housing properties

80% of residents really enjoy living in our independent living schemes , saying they feel safe and secure

15 local organisations benefitted from Charities House and our other community properties

Local companies gave almost £28K in donations and 283 volunteer hours

An additional £10K was raised through our Back to School and Santa Stork fundraising appeals, and we matchfunded all donations

charities and the Elmbridge community. Elmbridge

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Allieviating financial poverty & hardship

We give grants to individuals and families in Elmbridge who are facing financial hardship. We also award grants and funds to local charities, schools and organisations who are tackling poverty and inequality in Elmbridge.

often very quick, judgement calls on helping a family when they can see no other way to get support. We can help them quickly, taking

Katie Vinnicombe, Senior Family Support Worker

In 2021-22, we awarded 10 Community Grants to organisations working across Elmbridge, benefitting more than 2,500 local people living in poverty or on low incomes. The grants helped to deliver debt advice to around 350 local people, provided weekly meal boxes to approximately 60 Elmbridge families, and supported the running of a community bus benefitting around 1,400 local residents.

In line with our strategic priority to address child poverty in our area, 68% of our Community Grants supported disadvantaged children, young people and families.

Six organisations were awarded a total of £19,000 Fund, to help 225 vulnerable households with food, clothing and bills.

Many families are still feeling the effects of the pandemic and are particularly vulnerable to rising living costs. 1,347 food parcels, feeding 3,645 local people (including 1,712 children), were distributed in partnership with Walton & Hersham Foodbank, and 16 Direct Grants helped local people buy essentials such as fresh food and pay for bikes or local transport costs to get to work.

We also funded 687 Christmas presents for children Santa Stork initiative.

We recognise that Elmbridge is one of the most expensive areas in the country to live. As well as committing to be a Living Wage employer and funder, we are supporting our contractors, suppliers and partners to become Living Wage employers too.

Brite Box community project

By providing delegated funds to our key partners, we can ensure grant funding reaches the families who need it most, when they need it most. Last year, we gave 13 delegated funds to nine local organisations who are supporting people facing financial hardship or those experiencing homelessness or in vulnerable housing. The grants helped to cover everyday essentials such as food, clothing and utility bills.

coming out of COVID restrictions, but also rising living costs. The number of families struggling has increased, so this support is invaluable

Carol Hodges, Scheme Director, Home-Start Elmbridge

Trustee report & financial statements | 8

Promoting personal health & wellbeing

We want everyone in Elmbridge to have the same opportunity to live an independent, healthy life. physical and mental health, and we make our green spaces available for local people and community groups to enjoy.

Ten Community Grants, worth £110K, supported mental health courses and wellbeing workshops in schools, telephone counselling services, and emotional support for families and new parents.

alone, and it was good to share experiences. There has been at least one brilliant thing every week that I have used, and it has had a real impact. Mental wellbeing course participant

70% of grants benefitted children and young people across Elmbridge.

Clockwise from left: Home-Start Parenting Café; Elmbridge Community Link Befriending Café; Walton Charity Community Allotment

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Addressing isolation & loneliness

We support projects that encourage social interaction and help people to feel more connected to their community.

Our Community Allotment encourages people who feel isolated due to physical or mental health conditions to take part in regular group activities. During the last year, 41 people joined our Community Allotment and Woodland projects.

We awarded five Community Grants and one Delegated Fund to local organisations who are addressing social isolation and bringing people together. The grants helped to provide respite breaks for older carers, supported refugees in our community and funded a weekly community café.

Around 400 local people benefitted from our isolation and loneliness grants.

47% of participants said their physical and mental health had improved, and 75% enjoyed the sense of achievement working on the allotment brings.

Walton Charity Community Allotment

Katie, Community Allotment volunteer

Trustee report & financial statements | 10

Promoting affordable housing for all ages

Elmbridge has some of the highest costs of living in the country, with average rents and house prices almost double that of the national average. For people on low or unstable incomes, owning a decent home in the area is all but unaffordable.

Through our direct and delegated grants, we helped 45 people buy essential household items including washing machines, beds and flooring, and provided incomes moving to new properties.

In 2021-22, we housed 109 people in our independent living housing schemes and 33 in our social housing properties.

80% of our independent living housing residents said they really like living there and feel safe and secure.

Over the next five years, we have committed to invest in new projects that help more local people to live in homes they can afford, and to work with partners to find new housing solutions that meet the needs of local people.

much more than just a roof over your head. It is somewhere warm to come home to, it can help with your mental and physical health, it can provide space for children to do their homework, and increasingly, it is somewhere to work from. I feel the COVID pandemic has only heightened the

Rob Mills, Walton Charity Vice Chair of Trustees

----- Start of picture text -----
Walton Charity is a marvellous charity
not
like other sheltered homes
Jean, Mayfield resident
----- End of picture text -----

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Improving educational attainment

Education is one of the best routes out of poverty, but often children who grow up in low-income families face extra challenges reaching their potential at school.

Although we get Pupil Premium funding from the government to support the most vulnerable children at our school, there is a whole band of who need support. Funding from Walton Charity helps us to plug the gap and make sure

Lynn Williams, Headteacher, Chandlers Field School

Last year, nine Community Grants helped almost 3,000 disadvantaged pupils across Elmbridge to access catch up programmes, online learning, art and drama sessions and IT equipment.

Above: Delight at Chandlers Field Primary School Below left: Design a School Uniform competition winning design

In 2021-22, we awarded Opportunities Funds to 11 local schools and colleges to support families on low incomes with school-related costs. We also gave out more than £20,000 in grants to help with the cost of school uniforms and shoes.

69 local children entered our school uniform design competition which we ran alongside our Back to School appeal raising money for an awareness of the cost of school uniforms.

Anna is an anxious child anyway, but she looked so confident and proud in her new uniform. I cannot thank you enough. This is truly a great start to her new school. Mary, Carer, Hinchley Wood

We currently have a number of families who are experiencing financial hardship. These families have no tech at

is all set online), and are struggling to access many of our online support packages. Having a Chromebook at home will enable more learning and will make a real difference to Hilary Ali, Deputy Headteacher, Claygate Primary School

Trustee report & financial statements | 12

Working in partnership

Enabling and facilitating

Walton Charity is one of the oldest charities in the the evolving needs of our community. Our role is to facilitate and enable high-impact initiatives by providing our partner organisations with grants, facilities and resources.

Charities House

office, and also provides our partners with offices and space for training, client interviews, and meetings. By providing high-quality offices and meeting rooms, organisations are able to focus on service delivery to local people. Our partners at Charities House are:

Allotments

With the allotment sites in good condition, at capacity with waitlists, we worked with a new generation of tenants to hand over the day-to-day management of the sites to the allotment tenants.

In January 2022, the newly formed CIO Walton Allotment Association officially took over the management of the four allotments sites. In this short time there has already been an increase in community involvement, with tenants having a greater input in decision making, organising more social activities, and site improvements. Walton Charity will continue to support and work with Walton Allotment Association with the evolution and changes in demand for allotments and the next stage in the history of our allotments.

Community buildings

The Charity provides accommodation to several other local partners at non-commercial rents. Our partners are:

Our community buildings are rented to our community partners. The value of this financial subsidy is not reflected in the financial statements but is in the region of £58K per annum.

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Communication, research & strategy

Policy and Communications

We seek to understand and raise awareness of local inequalities in areas such as housing, health and income. Elmbridge is the ninth most unequal borough in England, with worrying levels of child poverty. We publish a summary of available data on poverty, work, welfare and housing in our local area on our website.

We have commissioned the New Economics Foundation to research the changing nature of poverty in Elmbridge as we emerge from the pandemic. This will include quantitative data as well as case studies which will help shape our work to address these issues.

We have increased our reach through social media over the last year with 13,498 web visits, 1,187 Twitter followers, and more than doubling our Facebook followers.

Live Local, Work Local, Give Local

Walton Charity provides businesses and corporate partners with meaningful opportunities to support our local community. With our expert understanding of local needs, and a diverse range of charity partners, we help match companies to a suitable charitable programme.

We match-fund donations made by companies (and through our fundraising appeals), and we work with companies to find fulfilling volunteering opportunities for their employees.

In 2021-22, local companies gave 283 hours of volunteer time and £28K in donations. In total we raised £95K in donations and fundraising.

We are registered with the Fundraising Regulator.

Trustee report & financial statements | 14

Community Grants awarded in 2021-22

Acorns
Summer holiday scheme (COVID-19)		 £5,000
Brooklands Museum
learning and outreach		 £16,100
Central Surrey Voluntary Action
partnership fund		 £13,500
Chandlers Field Primary School
KS2 catch-up intervention (COVID-19)		 £6,000
Chandlers Field Primary School
laptops (corporate matched funding)		 £220
Chandlers Field Primary School
teacher wellbeing (COVID-19)		 £500
Chatterbus
community bus		 £30,000
Citizens Advice Elmbridge East
debt advice third year funding (COVID-19)		 £15,000
Citizens Advice Elmbridge West
debt advice		 £30,000
Claygate Primary School
hardware		 £2,266
Claygate Youth Hub
youth work provision		 £29,484
Crossroads
respite care (co-funded with Walsingham Care and Asprey Healthcare)		 £15,000
Delight
Delight at Chandlers Field Primary School		 £15,000
Discovery
Elevate Life		 £9,682
Elmbridge Borough Council
Christmas meals on wheels		 £109
Elmbridge CAN
administrative support		 £30,000
Elmbridge CAN
Be OK programme		 £3,056
Home-Start Elmbridge
core funding		 £60,000
Home-Start Elmbridge
Dad Matters		 £10,000
Lucy Rayner Foundation
Mental Health and Me		 £3,000
Lucy Rayner Foundation
wellbeing workshops at Three Rivers Academy		 £1,000
New Economics Foundation
research on poverty in Elmbridge		 £31,420
SATRO
mobile construction classroom at North East Surrey Short Stay School		 £15,000
Sea Cadets
fundraising capacity support		 £6,000
Sight for Surrey
eye and audiology liaison service		 £9,000
St Nicholas Church
Community Café		 £2,500
Stripey Stork
Christmas toy appeal		 £7,000
Surrey Drug and Alcohol Care
telephone counselling service		 £5,000
Surrey Police
community engagement event		 £200
Three Rivers Academy
Uplearn pilot		 £5,000
Voices of Hope
Brite Box		 £17,000
Walton & Hersham Foodbank
core costs		 £13,372
Wellbeing Supervisor
capacity building		 £1,000
Wellbeing Supervisor
Talking Teens		 £3,265
Total £405,200*

* includes grant adjustments of £5,474

In addition,

Overall total grants awarded in 2021-22 £561,044

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Structure, governance & management

The Charity Commission has put in place a linking directive with the permanent endowed charity number 1185959-1, with the new incorporated charity number 1185959.

For accountancy and registration purposes, this direction means that:

The linking of the Charities is an administrative linkage, for reporting purposes only. It does not change the separate legal status of the two Charities, or the nature of the restricted funds or endowment, and it does not constitute a merger. The trustees are obligated to ensure that the funds of each Charity are still applied solely in accordance with the respective trusts.

T (Walton on Thames Charity) shall be treated as forming part of the reporting charity for the purposes of Part 4 (registration) and Part 8 (accounting) of the Charities Act 2011. This direction takes effect for the whole of the financial year of the reporting charity in which it is made.

Trustee meetings

The full board of trustees met six times during the year to review performance against targets, as well as one strategic planning meeting. The board continues to operate committees to monitor and review two key areas, namely finance and general purposes, and grants. The trustees establish more informal time-limited working groups to address specific areas of development.

As the government restrictions relating to the pandemic changed, the trustees held face-to-face meetings where possible and safe to do so. Trustees have agreed to continue with virtual committees but will hold board meetings face-to-face wherever possible to do so.

Each year, the trustees review and update a board development action plan. As part of this, trustees board to review its decision making, assess the consequences of the decision, and learn any lessons for future decision making.

Trustees have an agreed statement on diversity, equity and inclusion (DEI), and periodically review the related action plan.

Walton on Thames Charity is committed to treating everyone with respect and proactively challenging and tackling inequality, injustice and discrimination, in all its forms. As well as advocating positive change in our local community, we are examining how we operate as an organisation to ensure we are doing all we can to be a diverse and inclusive organisation.

The trustees developed and agreed an ethical positioning statement covering environmental, social and governance issues in the previous year. Key elements of this have been incorporated into the five-year plan.

As part of this, the trustees confirm their commitment to the Fundraising Regulators Code of Fundraising Practice. Funds were raised through grant applications to trust funds and local government, corporate donors and two public appeals which were run through social media. Fundraising is undertaken by existing staff as part of their wider roles. No complaints were received

The total of donations, fundraising and grant income for the year is £95K, highlighting increased support from businesses, the community and through our campaigns.

Trustee report & financial statements | 16

Financial review

ources of income are weekly maintenance contributions from the almshouses, other rents, and distributions from investments.

There was an operating loss of income over expenditure from charitable activities of £459K .

Depreciation costs were £414K , and there were gains on investments of £2,157K .

Due mainly to the significant gains on investments, the total surplus for the year was £1,698K .

Finance policy for strategy, investments and reserves

Trustees developed and agreed a new policy to encompass its financial policy for strategy, investments and reserves. To meet the objectives of the five-year plan, the trustees will regularly review its financial strategy to enable the Charity to fund - term values and guarding against stock market variations. The five-year financial forecasts will be reviewed by trustees on an annual basis.

effectively meaning that trustees aim to safeguard the real value of the investments for an indefinite number of generations. Trustees will aim to minimise the risk of eroding their assets over the long term.

Investment policy and performance

The assets of the Charity must be invested in accordance with the Trustee Act 2000.

The trustees have established an investment strategy based on the following criteria:

Objective balanced return between income and capital total return

Risk medium

funds. The RMAF is invested to achieve a balance of dividends and capital growth which is fully diversified. Trustees can draw down up to 4% annually without eroding the growth of the fund, which is made up of dividends and capital. The RMAF allows this steady growth of the fund and achieves a sustainable cash distribution that can be determined by the trustees (between 0-4%) to meet budgeted expenditure requirements.

Draw down of distributions

Based on the cash flow forecast, trustees will decipher the required level of distributions from the two RMAF accounts. Trustees will draw down the maximum 4% from the expendable RMAF account. Any additional requirements will be drawn down from the unapplied total return part of the nonexpendable endowment RMAF fund. This should mean that the non-expendable fund can appreciate at a higher rate.

The trustees have established a benchmark , a standardised measure against which our fund manager can be evaluated. Cazenove uses the ARC Sterling Steady Growth PCI , which is standardised across the industry and the trustees will monitor performance annually. Regardless of performance, the Charity will adopt the policy of undertaking a full formal review of our fund manager every five years.

The allocation of Charity investments in the two RMAF accounts consists of the following:

1. Nonexpendable endowment fund containing: The permanent endowment of £18,448K as at 31 March 2022, and the unapplied total return balance which varies according to market value of the fund.

2. Expendable fund containing:

Non-permanent endowment investment and the restricted funds for the repair and improvement of the property, which will diminish each year.

Mandate socially responsible investing.

Funds are invested in Cazenove Capital s Charity Responsible Multi-Asset Fund (RMAF). The RMAF is an ethical, pooled and total return fund, and the Charity has two accounts reflecting the permanent endowment and the non-permanent endowment

Trustees agreed to review the value of the permanent endowment fund on an annual basis to decide whether to increase the value of the fund. The increase will normally be in line with the Consumer Price Index, but trustees may decide to increase the fund at a lower rate.

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Trustees agreed uplifts to the permanent endowment as follows:

31 March 2022, are therefore £26,297K

Fixed Assets £4,210K
Permanent Endowment £18,448K
Unapplied total return £3,639K

Reserves policy and designation of funds

The Charity must consider the financial risks of managing residential services and its portfolio of land and properties. The trustees have reviewed its financial commitments as well as future areas of major potential expenditure.

Reserves policy

Trustees have agreed a target for unrestricted the region of £2.3m.

The level of reserves and designated funds is to be kept under review throughout the year but will be reviewed each year at the April Finance and General Purposes Committee meeting.

Investment funds include the total unapplied return which is part of the endowment of the Charity and is held as investments to generate funds to support the work of the Charity.

Financial controls

The Charity has tight financial controls. Trustees review the accounting procedures annually, including delegated authorities and authorised parties, to ensure the financial controls are up to date and fit for purpose.

During the year, the Charity agreed to change its accounting software with implementation from April 2022, to improve functionality and integration with other existing systems.

Risk management

The Charity assesses, monitors, and seeks to manage its risks under the four broad headings of:

Designation of funds

Trustees have identified several areas requiring significant funds which include the potential development and acquisition of additional housing, as well as the necessity to be able to provide responsive and possibly increasing community grant funding to address the local impact of the pandemic. As a result, the trustees have agreed to the allocation of funds to specific designated funds as below:

The t risks in late 2021, to reflect the strategic plans and the post-pandemic environment. Trustees agreed to weight the impact of risks against the likelihood of risks. Trustees also agreed to review risks over time to assess increasing risks and the impact of mitigation and management of identified risks.

Trustee report & financial statements | 18

Risks that have been actively managed and reduced

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Trustees, responsibilities The Charity's trustees (who are also the directors of Walton on Thame5 Charity for the purpose5 of company lawl, are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees are responsible for keeping proper accounting records that disclose, with reasonable accuracy, at any time the financial posltion of the Charity, and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence taking rea50nable Steps for the prevention and detection of fraud and other irregularities. Company law requires the Charity's trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the trustees are required to. select Sultable accounting policies and then apply them consistently observe the method5 and principles in the Charities SORP IFRS1021 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 prepare the financial 5taternents on the going concern basis unless It is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for the maintenance and integrity of the Corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other Jurisdiction5. Statement of disclosure of information to the auditor In so far as the trustees are aware at the time of approving Olbr trustees, annual report: there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the company's auditor is unaware, and the trustees, having made enquiries of fellow directors and the company's auditor that they ought to have individually taken, have each taken all steps that helshe is obliged to take as a director to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Acknowledgements & thanks The achievements of the Charity are only possible with the support of our board of trustees, volunteers, partners, companies, friends, colleagues, staff and supporters. THANK YOUI We hugely appreciate such enduring support for our collective commitment to the local community. Signed on behalf of the Board of Trustees, Sarah Tomkins Chair of Trustees Date..

WALTON ON THAMES CHARITY MENZIES INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WALTON ON THAMES CHARITY Opinion We have audited the finanaal statements of Walton on Thames Charity Ithe 'charity'l for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary ol signifi'cant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including Finanaal Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as al 31 March 2022 and of its incoming resour￿5 and application of resources. including its income and expenditure for the ye81 then ended,. have been piopedy prepared In accordance with United Kingdotll Generally Accepted AccoLJnting Practice", and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Audvting IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit ol the financial statements section of our report. We are independent of the charitable company in accordance wth the ethical requirements that are relevant to our audit ol the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the fin8n¢ial slatemenls, we h8ve concluded th81 the Trustees, use of the going concern basis of awounling in the preparation of the financial stat8tnent5 is 8ppropii8t8. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period ol at least twelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities of the Trustees with respect to going con￿rn are described in the relevant sections ol this report. Other inforniation The other inforrnation comprises the infomation included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other inforrnation contained within the Annual report. Our opinion on the financial st8tements does not cover the other information and. except to the extent othewise explicitly staled in our report. we do not express any form of assurance con¢lusion thereon. Our responsibility is lo read the other infoirnation 8nd. in doing so. consider whether the other information is m8teri8lly inconsistent with the financial staternenls or our knowledge obtained in the course of the audit, or otherwise 8ppe8rs to be materially misstated. If we identify such material Inconsistencies 01 apparent material misstatements, we are required to deteirnine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we condude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing to report in this regard. Page 21

WALTON ON THAMES CHARITY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WALTON ON THAMES CHARITY (CONTINUED) Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the infomiation given in the Trustees, report for the financial year for which the financial slalements are prepared is consislenl with the financial statements. the Ttustee5' report has been prepared in accoidance wth applicable legal requirements. Matters on which we are required to report by ex¢eption In the light of our knowledge and understanding of the charitable cornpany 8nd its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion-. adequate accounting records have not been kept, or returns adequate for our audit have not been re￿Ived from branches not visited by us,. or the financial staternents are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the infoirnation and explanations we ieqLJiie for OLJr audit., or the Trustees were not entitled to prepare the financial ststements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable cornpany for the purposes of company lawl are responsible for the preparation of the fin8nci81 statements and for being satisfied that they give a true and fair view. and for such internal control as the Trustees determine is lle￿388ry to enable the prep818lion of financial stslements that are free from maleiial misstatement. whether due to fraud or error. In preparing the financi81 stateTnents. the Trustees are iesponsible ft)r assessing the ¢h8ritsble wmpany's 8bility to continue a5 8 going concern, disclosing, a5 applicable, matters ielated to going concern and using the going concern basi5 of accounting unless the Trustees either intend to liquidate the charitable company 01 to ￿ase operabons, or have no realistic alternative but to do so. Page 22

WALTON ON THAMES CHARITY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WALTON ON THAMES CHARITY (CONTINUED) Auditors. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material missl8lernenl, whether due lo fraud or etror. and to Issue an Auditors, report that includes our opinion. Reasonable assurance is 8 high level ol 8ssuiance, but IS not a guarantee that an 8udit conducted in 8ccoid8nce with ISA5 IUKI wll always detect a material rnisstatement when It exists. Misstaternent5 can aris8 from fiaud or error and a18 considered material if, individually or in the aggregate, they could reasonably be expected to influence the econotnic decisions of useis tsken on the basis ol these financial ststements. Irregularities, induding fraud, are instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect ol irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, induding fraud is detailed below.. The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We detemiined that the following laws and regulations were rnost significant.. The Companies Act 20￿.. Ch8rities Act 2011.. Staternent of Recommended Practice Accounting and R8porting by Charities 2015 IFRS 1021 UK Ernploytnent Legislation", UK Health and Safety Legislation", Statement of Recommended Practice Accounting by Registered Social Housing Providers 2014," Social Housing Legislation., and General Data Protection Regulations. We assessed the exient of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Company is complying with those legal and regulatory frameworks by, rnaking inquiries lo management, those iesponsible foi legal and Complian￿ procedures and the company secretary. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. As a result of the above proTrdures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas.. The application of inappropriate judgments or estimation to manipulate the financial position., and Posting of unusual journals and corllplex transactions. We 8ssessed the susceptibility of the Comp8ny fin8nCI81 statements to materi81 miss18lernenl, in¢luding how fi8ud might occur. Audit procedu[85 perfoirn8d by th8 eng8g8tnent tearn induded.. Identifying and assessing the measures management has in pla￿ to prevent and detect fraud., Understanding how those charged with governance considered and addressed the potential for override ol controls., Understanding other inappropriate Influen￿ over the financial reporting process., Challenging assumptions and judgments made by management in its significant accounting estimates., and Identifying and testing journal entries, in particular any joumal entries posted with unusual account combinations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading 10 8 rnaleri81 misslalemenl in the financial statements or non-compliance with regulation. This risk increases the more that cornpliance with 8 law or regulation is rernoved from the events and transactions reflected in the financial statements. as we will be less likely to become 8w8re of Instan￿8 of non-compliance. The iisk is also gie8tei regaiding itregul8rities occurring due to fiaud rather than etror, as fraud involves Intentional concea1rn8nt, foigery. collusion. omi5510n 01 mi51epresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at." www.frc.or .uklauditorsres onsibilities. This description foms part of our Auditors, report. Page 23

WALTON ON THAMES CHARITY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WALTON ON THAMES CHARITY (CONTINUED) Us• of our rèport This report is made sdely to the charitable cornpany'5 member5. as a body, in accordance Chaptèr 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable cornpanls members those matters we are required to sl*e to them in an Auditors, report and for no other purp05e. To the fvllest extent permitted by law, we do not 8ccept or assume responsibility to anyone other than the charitable company and ils members. as a body, lor our a￿d￿t work. for this report, or for the opinions we have formed. Janice Matthèws FCA (Senior statutory auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor Centrum House 36 Station Road Egham Surrey TW20 9LF Date.. Page 24

WALTON ON THAMES CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022 Permanent Endowment funds 2022 £000 Unrestricted funds 2022 £000 Restricted funds 2022 £000 Total funds 2022 £000 Total fvnds 2Q21 Note Income and endowments from.. Donations and legacies Charitable activitie5 95 95 169 1,226 228 1,226 836 1,206 642 155 Investments Other income 608 Total incorne and •ndowm•nts 1,456 95 608 2,159 2,172 Expenditure on.. Raising funds Charitable activities 80 219 299 118 1,937 95 287 2,319 2, 100 88 Other expenditure 10 Total expenditure 2,017 95 506 2,618 2,306 Net lexpenditurellincome before net gains on investments 15611 573 102 14591 2,157 (134) 4,486 Net gains on inveslrnenls 1,584 Net income Transfers between funds 12 1,686 12661 1,698 4,352 11791 Net movement in funds 457 11791 1,420 1,698 4,352 ReconclllatSon of funds: Total funds brought forward as reststed Net movement in funds 22 10,371 457 731 24,877 1,420 35,979 1,698 31,627 4,352 11791 Total funds carried forward 10,828 552 26,297 37,677 35,979 All activities relate lo continuing operations. The St8teTnent of Financial Activities includes all gains and losses recognised in the year. The notes on pages 28 to 47 fom part of these financial statements. Page 25

WALTON ON THAMES CHARITY REGISTERED NUMBER. 12202541 BALANCE SHEET AS AT 31 MARCH 2022 As restated 2021 £000 2022 £000 Note Fixed a85ets Tangible assets Investments 8,007 30,163 8,209 28, 101 38,170 36,310 Current a$8ets Debtors 65 71 Cash at bank and tn hand 45 159 110 230 Creditors". amounts falling due within one year 18 13851 (369) Ngt curr8nt liabilitie$ 12751 (13g) Total assets less current liabilities 37.89S 36,177 Creditors.. amounts falling due after more th8n one year 19 1218} (192) Total net assets 37,677 35,979 Charfty funds Permanent Endowment funds Restricted funds Unrestricted funds 26,297 552 24,87T 731 10,828 10.371 Total funds 37,677 35,979 The Trustees acknowledge their responsibilities for complying wth the requirements of the ALt with resp8d to accounting records and preparats'on of financial statements. The financial statements have been prepared in a¢¢ordance with the provtsions applicable to entities subject to the 5rnall companies regime. The finanaal statements wèrè approved and authorised for issue by the Trustees and signed on their behalf by.. Sarah Tomkins (Chair of Trustees) Date.. The notes on pages 28 to 47 forrn part of these financial statements. Page 28

WALTON ON THAMES CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 £000 2021 Cash flows from operatlng actlvltles Note Net cash used in operating activities 24 18001 (97) Cash flows from investing activities Dividends, interests and rent5 from investments Purchase of tangible fixed 8ssets Purchase of investments Movement between cash and the investrnent portfolio Lease interest paid Loan interest paid 590 642 12141 (327) (100) (115) (22) 342 1221 191 Net cash provided by investing activities 687 69 Cash flows from financing activities Repaytnents irf borrowing Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 11141 1291 159 188 Cash and cash equivalents at the end of the year 45 159 The notes on pages 28 to 47 fom part of these financial staternents Page 27

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General information Walton on Thames Charity is an incorporated charity registered with the Charities Commission in England and Wales. ch8rity number 1185959. The address of the principal office of the charity is Walton On Tharnes Charity Charities House. 2 The Quintet. Churchfield Road, Walton on Thames. Surrey, KT12 2TZ. Linked Charities By resolution of the board of tIU5tee's, it was agreed that th8 charitable company appointed as the 501e cotpoiat8 tiustee of the permanent endowment of the existing charity," Walton on Thatne5 Charity I'the linked charity'l. It holds the legal title ol the property, investments assets, liabilities and existing reserves. Walton on Thames Charity I'the incorporated charity") holds the legal and beneficial title to all non-permanent endowed assets. A linking directive has been received and accepted by the Charities Commission and the Commission directs that as of 14 April 2020, the charity called Walton on Thames Charity I'the linked charity") shall be treated as forming part of the charity called Walton on Tharnes Charity I'the incorporated charity I for the purposes ol Part 4 Iresignationl and Part 8 laccountingl of the Charities Act 2011. The effect of this is the charities are registered under a single registration number 8nd the Iruslees are required lo prepare a single sel of accounts for the incorporated charity and the linked charity going fotw81d. A¢counting policies 3.1 Basis of preparatlon of financlal statements As an Almshouse Charity and Registered Sctial Landlord, the finanaal statements have been prepared in accordance with the special regime of Part Vl ol the Charities Act 2011 which perrnits the financial statements to be prepared in accordance with the 2014 Statement of Recommended Practice Accounting by Registered Social Housing Providers where this is appropriate and with the Statement of Recommended Practice Accounting and Reporting by Charities SORP IFRS 10212019 for those activities which are not explicitly referred lo the 2014 Ststement of Recommended Practice Accounting by Registered Sooal Housing Providers 8nd Companies Ad 2006. Walton on Tharn85 Chaiity rn88ts the definition of 8 public b8nefit entity under FRS 102. Assets and Iiabilrti85 are Initially iecognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in sterling which is also the functional currency ol the charity and rounded to the nearest thousand. 3.2 Going concern As part of the trustees assessrnent of going concern. they have prepared cash flow projections for the significant period. The projections have been prepared on an appropriate basis taking into account feasible assumptions and the current economic conditions that exist. Aflei making appropriate enquiries. the trustees have a re8son8ble expectation that the charty ha5 adequate 1850urces to enable to continue In operational existence for the foreseeable futu[8. Therefore the trustees believe that going concern basis is appropriate and have prepared the accounts on the going concem basis. Page 28

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 3.3 Income All income is recognised On￿ the Charity has entitlement to the income, it is probable that the income will be re￿iVed and the amount of income receivable can be measured reliably. Don8tlOnS and fLJndr8i5ing events fiorn individuals 8nd sponsor5 are taken into accounts on the a￿[u81S basis. Donation5 received during the ye8r are 18corded as donation income and any def8ri8d income Is 18cognised undei acctuals and defeired incorne accordingly. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income re￿iVed for specrfic purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is re￿iVed in advance ol entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Revenue related to sheltered housing is recognised to the extent that is probable that the economic benefit will flow to the charity and revenue can be reliably measured. Sheltered housing represents rentals and service charge income and allowances nel of losses from vacant accommodation and sundry income. other income is recognised in the period in which il is receivable and lo the extent to whith Services have been provided. 3.4 Expenditure Expenditure 15 recognised On￿ there is a legal or con5ttuctive obligation to tian5fer econotnic benefit to a third party, it is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for ils charitable purposes and includes oosts of all fundraising activities events and non-charilable trading. Expenditure on ch8rit8ble activities 15 incurred on diredly undertaking the 8divilies which further the Charity's objectiv8s, as well a5 any a5SOCl8ted support Costs. Grants payable are charged In the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 3.5 Social Housing Grants ISHGI SHGS are paid to reduce the cost of development on housing properties. These are shown on the balance sheet and amortised over the expected rernaining life of the property. SHGS are repayable under certain circumstsnces. primarily the sale of a property bul will nonnally be restricted lo the nel proceeds of the sale. Under ¢urrenl legis181ion, in most cases. any SHG that arises on the sale of a pioperty be retained and transferred into a Recycled C8pitsI Giant account and can be used for new developrnent work or major repairs on 81igibl8 properties. Page 29

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 3.6 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capilalised and recognised when future economic benefits 8re probable and the cost or value of the asset c8n be measured reliably. Tangible fixed 8ssets are initially recognised at Wst. After recognition, under the cost rnodel, 18ngible fixed assets are measured at cost less accutnulat&d depr8ci8tion and any accumulated itnpaitment losse5. All c05tS incuired to bring a tangible fixed asset into its Intended working condition should be included in the measurement of cost. Properties induded in Independent living houses are recorded at cost less Social Housing Grants received. The cost ol such properties includes the following.. a. Cost of acquiring land and buildings b. Development expenditure The financial statements include all invoices and architects, certificates relating to capital expenditure incurred in the year al gr05s value before retention provided that the dales of issues or valuation are prior to the year end. Depreaatlon 15 charged 50 as to allocate the cost of tangibl8 fixed 8SSets 18SS their residual v81LJe over their estimated useful lives. Depreuation is provided on the following bases". Freehold property Motor vehicles Fixtures and fittings -1 OQ/o Straight line 2510 Straight line 10/ 20°/Tr Straight line 3.7 Investments Fixed asset investments are a form of finanaal instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the Balance sheet date. unless the value cannot be measured reli8bly in which case it is measured at cost less irnpairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'nel gainslllossesl on inveslmenls. in the Ststement of Fin8nci81 Activities. 3.8 Debtor8 Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 3.9 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balan￿ sheet date as a result of a past event, rt is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be eslirnated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has re￿iVed as advanced payments for the goods or services it must provide. Provisions are me8sured at the best eslirnale of the amounts required to settle the obligation. Where the effect of the lime value of rnoney is rn8leri81, the provision is based on the present value of those amounts. discounted 8t the pre-tsx discount late that reflects the risks specific lo the liability. The unwinding ol the discount is iecognised in th8 Statem8nt of Financial Activities as 8 financ8 C05t. Page 30

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 3.10 Operating leases Rentals paid under operating leases are charged to the Slalemenl of Financial Activities on a slraight-line basis over the lease term. 3.11 Pen¥ion¥ Th8 Chaiity h8S 8 defined contribution p8nsion Scheme for th8 b8nefit of it5 employees. Contributions ar8 charged in the income and expendituie account for the period in which rt is paid. 3.12 Mortgag•s Mortgage loans are advanced by Orchardbrook Limited under the terms of individual mortgage deeds in respect of those developments which have been given approval by Orchardbrook Limited. 3.13 Extraordinary Repairs Fund Under the terms of the Charitys Trust Deed, an amount is set aside from the charity's income each year for the purpose of providing the extraordinary repair, improvement or rebuilding of Ihe almshouses and other property belonging to the charity. 3.14 Fund a¢counting Undesignaled unrestricted funds are unrestricted funds which are available for use 81 the discretion of the Trustees in furtherance of the gene[81 objectives of the Chaiity and which have not been designated for other PLJfpos85. Designated fund5 comprise unie5tricted funds that have been set a51de by the Ttustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Pemanent Endowment funds are restricted capital funds invested in a total retum basis. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The aim and use ol each restricted fund is set out in the notes to the financial statements. Investrnent incorne. gains and losses are allocated lo the appropriate fund. Page 31

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 In¢ome from donations and legacies Re¥tri¢ted funds 2022 £000 Totsl funds 2022 £000 Total funds 2021 Donations 38 38 52 Grants 57 57 117 Total 2022 95 95 169 Total 2021 169 769 Incorne frorn charitabl8 activities Unrtstricted funds 2022 £000 Total funds 2022 £000 Total funds 2021 Independent living maintenance contributions Allotments & tsther rents 1,001 225 1,001 225 982 224 Total 2022 1,226 1,226 1,206 Total 2021 1,206 1,206 Investment income Unrèstrictad Endowmènt funds funds 2022 2022 £000 £000 Total funds 2022 £000 Total funds 2021 Investment dividends & interest 228 808 836 642 Total 2022 228 836 642 Total 2021 642 642 Page 32

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Other incoming resources Unre8tri¢ted funds 2022 £000 Totsl funds 2022 £000 Total funds 2021 Other inctsme 155 Income frotn disposal of fixed assets Total 2022 155 Total 2021 155 155 Expenditure on raising funds Costs of raising income and capitsl growth Unrestricted Endowment funds funds 2022 2022 £000 £000 Total funds 2022 £000 Tot81 funds 2021 Investment management fees 80 219 299 118 Total 2022 80 219 299 118 Total 2021 718 718 Anal￿18 of grants Grants to Institutions 2022 £000 Grants to Individuals 2022 £000 Total funds 2022 £000 Tot81 funds 2021 Local community grants 518 45 561 558 Total 2022 516 45 561 558 Total 2021 5Q2 56 558 Page 33

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of grants Icontinuedl The Charity has made the following rnaterial grants to activities during the year.. 2022 £000 2021 Name of activity: Schools opportunities funds Delegated funds Community giants COVID-19 grant 43 58 67 34 406 305 105 516 502 516 502 Unrestricted funds 2022 £000 Restricted fund8 2022 £000 Totsl funds 2022 £000 Total funds 2021 Schools opportunities funds Delegated funds Community giants COVID-19 grant 43 43 67 58 34 67 378 28 406 305 105 Total 2022 421 95 S16 502 Total 2021 3S3 169 5Q2 10. other expenditure Unre8tri¢ted funds 2022 £000 Totsl funds 2022 £000 Total funds 2021 Loss tsn disr>osal of investments 88 Total 2022 88 Total 2021 88 88 Page 34

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. Analysis of expenditure by activitie5 A¢tivitie¥ undertaken directly 2022 £000 Grant funding of activities Total funds 2022 £000 Tot81 funds 2021 2022 £000 Local community support 1,758 561 2.319 2, 101 Total 2022 1,758 561 2,319 2, 100 Total 2021 1,543 558 2, 701 Analysis of direct costs Charitable activities Totsl funds 2022 £000 Total funds 2021 2022 £000 Staff costs 624 624 615 Depreciation Other residential expenses Other staff costs 414 414 390 12 12 12 12 16 12 Rates Heating & lighting Piinting, postage and stationery Subscriptions. book5 & PLJblications Insurance Motor and travel expenses Computer expenses Telephone Cleaning Repairs & m8inten8nce Legal and professional fees Auditor's remuneration & accountancy Sundry expenses Loan interest payable Bad debts 22 203 22 203 24 26 26 24 59 14 59 14 19 26 36 36 31 226 36 226 36 180 48 13 13 14 17 17 Lease Interest payable 22 22 22 Total 2022 1,758 1,758 1,543 Total 2021 1,543 1,543 Page 35

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. Auditors. remuneration 2022 £000 2021 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts Fees payable to the Charity's auditor in respect of.. All non-audil services not included above 13. Staff costs 2022 £000 2021 Wages and salaries Sorial security costs Contribution to defined contribution pension schemes 533 525 48 48 43 42 624 615 The average number ol persons employed by the Charity during the year was as follows.. 2022 No. 2021 No. Average ernployees 24 The average number of full time equivalent persons employed during the year was.. 2022 No. 2021 No. Average lull titne employees 17 17 The number of employees whose employee benefits lexduding employer pension costs) exceeded £60,000 was". 2022 No. 2021 No. In the band £70,001- £80,000 Pension contribution in respect lo that employee were £8.5k12021.. 8.5kl. During the year. four individuals made up key management personnel and recewed remuneration of £186k12021 £183kl. 14. TrusteèB' r8muneration and ex￿nI•S During the year, no Trustees received any remuneration or other benefits (2021 - £NILJ. During the year ended 31 March 2022, no Trustee expenses have been incurred 12027 - £NIL). Page 36

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. Tangible fixed assets Fr•ehold properties £000 Motor vehlcles £000 Fixturas and fittings £000 Total £000 Cost or valuation At 1 April 2021 Additions 11,924 180 13 1,532 13,469 214 Disposals At 31 March 2022 12,104 12 1,566 13,682 Depreciation At 1 April 2021 Charge for the year On disposals 3,925 345 11 1,326 67 5,262 414 Al 31 March 2022 4,270 12 1.393 5,675 Net book value At 31 March 2022 7,834 173 8,007 Al 31 MarGh 2021 8.000 206 8,209 The tangible fixed assets are held in the following funds.. Permanent Unrestricted Endowment funds funds 2022 2022 £000 £000 Total funds 2022 £000 Total funds 2021 Freehold properties Motor vehicle 3,791 4,043 7.834 8,000 Fixture and fittings 167 173 206 Total 2022 3,797 4,210 8,007 8,209 Total 2021 3,895 4,314 8,209 Page 37

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. Fixed asset investments Main Fund £000 Cost or valuation At 1 April 2021 Revaluations 28,101 2,062 At 31 March 2022 30,163 The investments are held in the following funds.. Permanent Restricted Endowment fund8 fund8 2022 2022 £000 £000 Unrestricted fund8 2022 £000 Totsl funds 2022 £000 Totgl funds 2021 Main Fund 7,524 552 22,087 30,163 28, 101 rolal 2021 as ￿stated 6,807 731 20,563 28, 101 Investments are held primarily to provide an investment retum lor the Charity. 17. Debtors 2022 £000 2021 Duè within one year Maintenance contributions receivable Prepayments and accrued income 38 27 45 26 Page 38

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 18. Creditors.. Amounts falling due within one year 2022 £000 2Q21 Trade tteditors 58 40 Other taxation and social security Other creditors 12 13 Accruals and deferred income 92 137 Grants payable 217 176 385 369 Deferred income The deferred income relates to the commercial tenant rent as these are paid in advance and the movement is as follows.. 2022 £000 2Q21 Deferred income brought forward Amount released to income Amount deferred during the year 35 36 (36) 35 36 36 35 19. Creditors: Amounts falling due after more than one year 2022 £000 2021 Mortgage loans Deferred grants Grants payable 82 82 51 85 55 55 218 192 The mortgage loan is secured on properties al 34, 36 and 38 Severn Drive, is repayable by annual inslallmenls of interest and capital lotsling £9.225, bears interest a110.50°/o per annurn and is repayable by 2047. 20. Prior year adjustments The opening reserves for Ljnrestricted funds and permanent endowment funds have been adjusted by £3,364k to reflect the unapplied total return of Investments for prior year. A5 a result, the balance carried forward from prior year peirnanent endowment fund has increased by £3,364k and the balance carried forward from unrestricted fLJnd has decieased by the same amtsunt. Page 39

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 21. Statement of funds Designated Funds Designated funds amounting lo £4.800k have been sel aside to ensure that the charity has sufficient reserves for its on-going giant, housing and incotne geneialion commitments as sel out above. Permanent Endowm8nt Funds The Permanent Endowment Fund was darified and agreed with the Charity Commission in 2012. The Permanent Endowment originates from the sale of land and assets that were part ol the original charities. As a permanent endowment fund, the assets cannot be directly applied to cover charitable expenditure, but income derived there from is unrestricted, and can be used in accordance with the charitable objects. Permanent Endowment Funds are restricted capital funds invested in a total return basis. Restricted Funds Undei the terms of the Trust Deed of 2 April 1984, the Trustees sel aside funds for the purpose of providing foi the extr8oidinary 18paii, improvement or rebuilding of the alm5house5 and oth8r property belonging to the Charity. Detai15 01 the investments representing the Extraordinary Repair Fund are Shown in note 16. A transfer In term5 of the Trust Deed of £179k 12021". £344kl has been made on 31 March 2022 from the restricted reserves to the unrestricted reserves, representing repairs expenditure initially incurred on unrestricted reserves. COVID.19 and Community Funds COVID-19 and community fund was created in prior year as a result of restricted COVID-19 funds re￿iVed and an equal arnount has been paid as grant which is the condition of the restricted COVID-19 fund received. The pemanent endowment funds consists ofthe following". As r8Stated 2021 2022 £000 Tangible fixed assets Investments Unapplied 10181 return 4.210 18.448 3,639 4,314 17,199 3,364 26,297 24,877 Page 40

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The total retum on investment of permanent endowment have been disclosed as follows below.. Permanent endowment £000 Unapplied total return £000 Total Endovfflient £000 At the beginning of the reporting period Permanent endowment 17,199 17.199 Unapplied total retum Totsl 17,199 17.199 Prior year adjustmnent 3,364 3,364 Revised total 31 March 2021.. 17,199 3,364 20,563 Movement durlng the perlod Prioi year CPI uplift CPI uplift for the year 172 11721 1,077 11,0771 Investment incorne e08 Net gainlllossl on investment 1,348 1,348 Total 1,249 707 1,956 Unapplied total return to income in the year Net movement in reporting period 14321 14321 1,249 275 1,524 At the end of reporting period Permanent endowment 18,448 18.448 Unapplied total return 3,639 3.639 Total 18,448 3,639 22.087 Page 41

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Statement of funds- current year Balance at 1 April 2021 £000 Transfers inllouti £000 Gain81 Balance at 31 ILo8se$l Ma￿h 2022 £000 £000 In¢ome Expenditure £000 £000 Unrestricted funds Designated funds Grant commitment5 500 15001 Developrnent of housing Generating income for grant fvnding Propety 8cquisilion Community projects Property repairs 2,500 12,5001 7,500 17,5001 3,000 3,000 1,000 800 1,000 800 10.500 15,7001 4,800 Undesignated unrestricted fund 11291 1,456 12,0171 6,145 573 6,028 Totsl Unrestricted funds 10,371 1,456 12,0171 445 573 10,828 Permanent Endowment Capi181 reserve 24.877 608 15061 12661 1,584 26,297 Restrlcted funds Extraordinary 18P8iI funds Community grants Delegated funds 731 11791 552 28 67 1281 1671 731 95 1951 11791 552 Total of funds 35.979 2,159 12.6181 2.157 37,677 Page 42

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Statement of funds Icontinuedl Statement of funds- prior year As pstated B8lanGe 81 7 Apnl 2020 £000 As ￿$t￿ted Bo18nGe at 31 March 2021 PIFor Y8ar Exp8nditure Adjustn78nt £000 Transf8rs n/out £000 Gains/ (Losses} £000 Incon78 Unrestricted funds Designated funds Gr8nl commitment 500 Developrnent of housing Generating income for grant funding 2,500 7,500 10,500 Undesignated unrestricted funds 3,682 2,003 (1,986) (3,364) (2,204? 1,740 (129) Total Unrestrlcted funds 9. 782 2.003 (1,986) (3,364) 2. 796 1.740 10,377 Permanent Endowment Capital reserve 21,370 (150) 3,364 (2,452) 2,745 24,8T7 Restricted funds Extraordinary repair funds COVID-19 and community funds 1,075 (344) 731 169 (169) 1,075 169 (169) (344} 737 Total of funds 31,627 2,172 (2,305) 4,485 35,979 Page 43

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 22. Summary offunds Summary of funds- current year As restated Balance at 1 April 2021 £000 Transfer inllouti £000 Gain81 Balance at 31 IL085e81 March 2022 £000 £000 In¢ome Expenditure £000 £000 Designated funds Undesignated unrestricted funds Endowment funds Restricted funds 10,500 15,7001 4,800 11291 24,877 731 1,456 608 95 12.0171 IS061 1951 6,145 12861 11791 573 1,$84 6,028 26,297 552 35,979 2,159 12.6181 2,157 37,677 Summary of fund#- prior year As restated Balance èt 31 March 2021 Balance at l April 2020 Piior Year Income Expenditure Adjustment Transfe in/(oul) Gainsl (Losses) Designated funds 5,500 5,000 10,500 Undesignated unrestricted funds 3,682 2,003 (1,986) (3,364) (2,204) 1, 740 (129) Endowment funds 21,370 (150) 3,364 (2,452) 2, 745 24,877 Restricted funds 1,075 169 (169) (344) 731 31,627 2,172 (2,305) 4,485 35,979 Page 44

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 23. Analysis of net assets between funds Anal￿18 of net assets between funds . Current year Permanent Restricted Endowment funds funds 2022 2022 £000 £000 Unrestricted funds 2022 £000 Total funds 2022 £000 Tangible fixed assets Fixed asset investments 3,797 7,524 110 4,210 22,087 8,007 30,163 110 552 Curient a55et5 Creditors due within one year Creditors due in more than one year 13851 {2181 13851 12181 Totsl 10,828 552 26,297 37,677 Analysis of net assets betsyeen funds . prior year las restatedl Pennanent Endowment rund8 AS restated 2021 £000 Unrestr7cted rund8 as restated 2021 £000 Restricted funds 2021 Total funds 2021 Tangible fixed assets Fixed 8ssel investments Current assets 3,895 6.807 231 4,314 20.563 8,209 28,107 237 731 Creditors due within one year Creditors due in more than one year (369) (192) (369) (192) Total 1Q.372 737 24.877 35,980 Page 45

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 24. Reconciliation of net movement in funds to net cash flow from operating activities 2022 £000 2Q21 Net income for the year las per Statement of Finanaal Activities) 1,698 4,352 Adju¥tments for.. Depreciation charges IGainslnosses on investments Dividends, interests and rents from investments Loss on the sale of investments Decrease in debtors Incre8se in ¢ieditors Lease interest payable Loan interest payable 414 390 (4,486) (642) 88 12.4031 15901 13 43 157 22 22 Net cash used In operatlng actlvltles 18001 (97) 25. Anal￿18 of Cash and cash equivalents 2022 £000 45 2Q21 Cash in hand 159 Total cash and cash equlvalents 45 159 26. Analysis of changes in net debt At 1 April 2021 £000 At 31 March 2022 £000 Cash flows £000 Cash at bank and in hand Debt due after 1 year 159 1821 11141 45 1811 77 11131 1361 Page 46

WALTON ON THAMES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 27. Other Assets No account has been taken in the Balance sheet for the following assets.. Poorfs Allolmenl Charity- land in Walton on Thames Surrey. said by the Charity Commission Scheme of 22 February 1963 to be vested in the Official Guslodian for Charity. bl The Almshouses Charty- land situated at Walton on Thames Suirey, ft>miing the srte ofthe Almshouses, formerly belonging to United Charity Ithe Almshouses Charrtyl having frontage to Hersham Road, known as Mayfield Hersham Road. Common Plat Non-Ecclesiastical Charity- the right half ol the clear yeady income of the Charity, consisting of the property constituting the endowment of the original Common Plat of Plat Charity. dl Charity of Henry Smith- the right to a yearty surn £6.7k12021.' £6.7kl. The Trustees slate that Ihe18nd, including that referred to above, in the ownership of the Charity at 31 March 2004 totals 130.12 acres or there8boLJIs. 28. Op8rating 18ase commitments At 31 Maich 2022 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. 2022 £000 2021 Not l*er than 1 year Later than 1 year and not later than 5 years 22 22 41 62 63 84 The following lease payments have been recognised as an expense in the Staternent of Financial Activities.. 2022 £000 2Q21 Operating lease rentals 22 22 Page 47