111 waltoncharity Bulldlng a thrlvlng Elmbrldge communlty Tf&iOrt and ,financial"stla eWts for the . q• ## Charity administration ## **BOARD OF TRUSTEES/COMPANY DIRECTORS** ## **Chair** Ms Sarah Tomkins ## **Vice Chair** Ms Alexandra Fitzpatrick ## **Chair of Finance & General Purposes Committee** Mr Paul Tajasque (resigned 25 July 2024) ## **Chair of Grants Committee** Mrs Elizabeth Kennedy Mr David Easson Mrs Lindy Fozard Mrs Jessica Harris Mrs Kellie Scott (resigned 11 July 2024) Mrs Laura Yates Ms Louise Cox (appointed 14 March 2024) Mr Jeremy Parkes (appointed 14 March 2024) ## **Chief Executive** Mr Rob Mills ## **Company Secretary** Mrs Abigail Riehl ## **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** ## **Principal Solicitors** Moore Barlow, The Oriel, Sydenham Road, Guildford, Surrey GU1 3SR Walton on Thames Charity 1185959 ## **Linked charity** Walton on Thames Charity 1185959-1 Penningtons Manches Cooper 125 Wood Street, London, EC2V 7AW ## **Company registration number** 12202541 ## **Surveyor** Curchod & Co LLP, Portmore House, 54 Church Street, Weybridge, Surrey KT13 8DP **Regulator of Social Housing registered number** A0157 ## **Investment manager** Cazenove Capital, 1 London Wall Place, London EC2Y 5AU **Walton on Thames Charity is alternately referred to as ‘Walton Charity’ or ‘the Charity’ within this report.** ## Welcome from our Chair and CEO ## Sarah Tomkins Chair of Trustees Rob Mills Chief Executive As we continue to focus on the strategic priorities of our five-year plan, 2023-24 was another challenging year. Living costs continued to rise, putting extra pressure on household budgets, and more families in our local area struggled to make ends meet. Thanks to the continued support from our local community and our strong local partnerships, we have been able to face these difficult times head on. We have been overwhelmed by the donations made to our cost-of-living appeal – from local residents, businesses, community groups and schools. With match funding from both Walton Charity and Elmbridge Borough Council, the appeal raised more than £50,000 to help local families. This generosity was replicated in our Christmas appeal, run in partnership with Stripey Stork, where donations from the local community paid for more than 1,000 Christmas presents for children across Elmbridge. Despite only opening its doors in March 2023, our new initiative, The Bridge, has helped more than 114 families with food, financial advice, and other support. It is a warm and welcoming space for families to access support and take time away from life’s pressures. Outside, our green spaces have continued to flourish, offering more opportunities for the local community to get outdoors and active. A busy programme at the Tree Canopy Project is bringing together people of all ages for activities that support both physical and mental health. We have also made positive strides towards our goal of providing more affordable homes in Elmbridge. We’re looking forward to being able to offer properties at an affordable rent to local keyworkers and their families in the coming year. We are grateful to all our trustees who have given their time and energy so generously over the past year. We look forward to welcoming new members – and new ideas – to the board over the coming year. Our thanks also go to Walton Charity’s staff team and all those who have worked with us over the past year to make our community a better place. We hope this report is a useful summary of all the work that has been done over the past year; but also a reminder that by working together, we can build an Elmbridge community where everyone has the opportunity and support they need to thrive. Through our grants programme, we have continued to fund local charities, schools and organisations who are working hard to tackle poverty in our local area. And our partnership with Walton & Hersham Foodbank has enabled us to provide emergency food and practical support to local people in crisis. 3 | Trustees’ report & financial statements ## Objectives & activities 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. On 12 September 2019, the Charity was incorporated, 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). In 2022, there was a change of charitable governance to the franchise for Walton & Hersham Foodbank, where the trustees of Walton Charity assumed responsibility of the franchise from St Peter’s Church, The Parochial Church Council of the Ecclesiastical Parish of Hersham, (registered charity number 1131361). The Charity's objects are, for the public benefit: - The provision and maintenance of social housing in the form of almshouses, for the benefit of persons who are in need or financial hardship and who (except in special cases to be approved by the Charity Commission), are inhabitants of the Area of Benefit at the time of their appointment. - Such charitable purposes for the benefit of the residents in the almshouses or any of them and in such manner as the trustees think fit from time to time. - The relief of those in need by reason of financial hardship, age, ill-health, disability, youth, social exclusion or other disadvantage, and resident in, working in, or with a demonstrable connection to the Area of Benefit, including, but without limitation, by the provision of financial assistance (including financial assistance with the cost of accommodation appropriate to the needs of beneficiaries), and providing support with educational and training facilities and services (including social and physical training). ## Building a thriving Elmbridge community **Walton Charity is a local charitable foundation that strives to understand 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 everyone 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 Trustees’ report & financial statements | 4 - For the provision and support (with the object of improving the conditions of life for the inhabitants of the Area of Benefit in the interests of social welfare) of facilities for recreation or other leisure-time occupation. - Such other charitable purposes for the benefit of the inhabitants of the Area of Benefit as the trustees shall from time to time determine. rates. The Board of Trustees agree the Charity’s 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** The ‘ **Area of Benefit** ’ 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 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 need in the ‘Ancient Parish of Walton-on-Thames’, and the wider area of the Borough of Elmbridge. 5 | Trustees’ report & financial statements ## Our strategic priorities The trustees agreed a five-year plan, which sets out a clear direction for the Charity. From 2022-2027, the following strategic priorities will drive our work across our five focus areas. Raising awareness of and engaging our community in the local issues of inequality and poverty Working with our partners to reduce the causes and symptoms of child poverty in Elmbridge Enabling more local people to live in decent homes they can afford Using the Charity’s property, land, and estates to create greater social value for local people and communities Always acting with integrity as an employer and a charity, being honest partners and responsible stewards of the Charity’s assets Our full five-year strategy can be found at **www.waltoncharity.org.uk/publications** Trustees’ report & financial statements | 6 ## Achievements & performance in 2023-24 £790K **of funding** was committed across our priority areas: poverty, health, loneliness, housing and education 75% of grants to our community partners **supported local children and families** 1322 **food parcels** were distributed through Walton & Hersham Foodbank to 3058 local people 135 114 **families** were supported through The Bridge people were housed in our **independent living** and **social housing** properties 59 **volunteers** contributed 5093 **volunteering hours** at Walton & Hersham Foodbank and The Bridge £72K was raised through our match-funded **Cost-ofLiving appeal** and **Christmas appeal** 2132 local people used our **community green spaces** for exercise, socialising, and to grow fruit & vegetables 35 local organisations benefitted from space in **Charities House** and our other **community properties** 7 | Trustees’ report & financial statements ## Alleviating financial poverty & hardship We recognise that Elmbridge is an expensive place to live, and as everyday costs continue to rise, more local families are struggling to make ends meet. In 2023-24, £147K of community grant funding was awarded to organisations across Elmbridge who are supporting local people and families facing financial hardship. These grants helped to provide weekly meal boxes, keep community hubs and cafes open, and fund mentoring sessions for vulnerable young people. We partner with ten schools across Elmbridge, supplying families with a meal box each week, and that’s thanks to the grant from Walton Charity Nick Dawson, BRITE Box Project Lead We also awarded £57K in delegated funds to local partners working directly with families on low incomes, or those who are homeless or in vulnerable housing. These grants helped to cover everyday essentials such as food, clothing, school uniforms, and utility bills. In line with our strategic priority to address child poverty in our area, 75% of grants to our community partners supported children, young people, and families across Elmbridge. Local residents, companies, schools, and community groups all generously donated to our Cost-of-Living appeal, raising money to providing additional support to local families. With match funding from Walton Charity and Elmbridge Borough Council, the appeal raised over £50K. ## **75% of children in Elmbridge living in poverty are from working families.** In-work poverty in our local area is on the rise but there is limited support available for working families. Continuing our partnership with Walton & Hersham Foodbank, we supported 114 families through The Bridge – a new community initiative providing food and practical support to families struggling with the rising cost of living. For me, The Bridge is about catching the people who are slipping through the net. There is this gap where people are not entitled to benefits but, because of the cost of living, they are in crisis and not getting the support they need” The Bridge referral partner Working with the Walton & Hersham Foodbank, we distributed 1,322 food parcels, feeding 1,874 adults and 1,184 children. We also funded two financial inclusion advisers who attend Foodbank sessions each week, offering personalised support and advice to clients. In 2023, Walton & Hersham Foodbank marked 10 years since it started operating in the local area. To mark the anniversary, we challenged the public to fill 10 Mini cars with food donations. The response was phenomenal and in total, our local community donated 2.2 tonnes of food. Enough to fill 20 Minis! The local community also generously supported our Santa Stork appeal, helping us to fund 1,025 Christmas presents for local children. This is the third year we have partnered with Stripey Stork to support local families at Christmas, and each year we have seen an increase in demand from local referral agencies. Trustees’ report & financial statements | 8 ## Promoting personal health & wellbeing We believe everyone in Elmbridge should have the same opportunity to live an independent, healthy life. Through our community grants programme, we fund local projects that support people’s physical and mental health. We also make our green spaces available for local people and community groups to enjoy. The Tree Canopy welcomed more than 1500 people through the year. In 2023-24, we awarded more than £112K of community grants to support physical and mental health projects, including support for new parents, telephone counselling, and wellbeing activities for refugees living in Elmbridge. 452 households used our allotments to grow fruit and vegetables and as an opportunity to get outdoors and active. Managed by the Walton Allotment Association, 100% of plots across our four sites were occupied in the past year. The Tree Canopy Project at Home Farm Allotment site has continued to flourish, providing a base for the Elmbridge Tree Warden Scheme, Rewilding Forest School for children, and Guided Wellbeing sessions for adults. There is also space available for local charities to run therapeutic gardening activities. Throughout the year, we welcomed 110 volunteers from 7 local companies, who donated their time to help develop the Tree Canopy space and create a new children’s forest school area in our woodlands. The activities are fantastic. My child is able to explore the area and be creative in ways that other spaces would not facilitate due to the location and space. Parent of child attending the Rewilding Forest School at Home Farm Allotment (Tree Canopy Evaluation) The thing I love most about being down at the allotment is the quiet time. Everything else in your life just disappears. Today, people are much more aware of things like mindfulness, and you can’t get better than this! It’s a little bit of countryside in an urban area. John, plot holder at Terrace Road Allotment In January 2024, we hosted a visit from HRH The Duchess of Edinburgh who spent time with our Green Spaces Manager and volunteers, learning more about the Charity’s outdoor community and wellbeing projects. She also met staff and volunteers from Walton & Hersham Foodbank, and joined regulars at Elmbridge Mencap’s Day Service who are based at Burview Hall, one of Walton Charity’s community properties. Community allotment 9 | Trustees’ report & financial statements **Clockwise from top:** HRH The Duchess of Edinburgh at the Tree Canopy Project; Rewilding Forest School; corporate volunteers at work; HRH The Duchess of Edinburgh at Burview Hall Trustees’ report & financial statements | 10 ## Addressing isolation & loneliness We support projects that reduce isolation and help people to feel more connected to their community. In 2023-24, we awarded £30K of community grants to local organisations who are working to address social isolation in Elmbridge. Over the last year, 47 people joined our Community Allotment, which offers weekly sessions for people who feel isolated due to physical or mental health conditions. Participants, and their referrers, reported that spending time at the allotment has improved their physical and mental health, as well as their social confidence. It has been an absolute godsend for my son. He has grown so much in confidence and can now walk in on his own. Karen is absolutely amazing, so patient and supportive. Referrer, Community Allotment survey 2023 Sitting down together over coffee and lunch is great. I hadn't anticipated that the social aspect would be so important to me. Volunteer, Community Allotment survey 2023 Our two independent living schemes offer accommodation for people over 55 who want to live in a safe and caring environment. We have regular coffee mornings, sometimes on certain themes and, after consultation with residents, we arrange social activities from theatre trips and shopping outings to arts and craft sessions or gardening project on site, always listening to feedback from residents on what they would like. Since I moved in last year I have made lots of new friends. We really look out for each other, it’s a lovely place to live, I feel very lucky. Fenner House resident **From top:** Flower arranging at the Community Allotment; Christmas lunch at Mayfield, RHS Wisley gardening project at Fenner House 11 | Trustees’ report & financial statements ## Promoting affordable housing for all ages House prices in Elmbridge are among the highest in the country. For people on low or unstable incomes, owning a decent home in the area is all but unaffordable. ## **Average house prices have risen to almost 14 times average earnings, and rents are almost double that of the national average.** At the end of 2023, we introduced FixFlo – an online tool for residents and Charity partners to report maintenance issues and monitor the progress of repairs. Since the system was introduced, all residents have been offered training. 85.2% of residents said they were satisfied or very satisfied with the time taken to complete their most recent repair. In response to the demand for affordable housing, we continue to work with our partners Rentstart UK and Transform Housing and Support to offer moveon accommodation to local residents at risk of homelessness. We also look forward to offering properties at an affordable rent to local keyworkers and their families in the coming year. A 2023 study by Bayes Business School found that living in an almshouse can boost the longevity of residents by as much as two and a half years. Last year, 111 people were housed in our independent living almshouses. 78% of residents said they were satisfied or very satisfied with our independent living schemes. And more than 73% said they felt safe and secure. The Charity’s staff helped me settle into my new home and made the whole experience pleasurable – thank you! Mayfield resident During the year, we undertook quinquennial inspections on all our residential properties. As a result of these stock condition surveys, we have agreed a five-year timetable of planned maintenance and improvements required. We also commissioned specialist assessments of RAAC panels (Reinforced Autoclaved Aerated Concrete) at one of our almshouses, and fire compartmentation surveys at both almshouses. We will be undertaking the recommended works during 2024-25. 100% of our almshouses meet the Decent Homes Standard. As per the Tenant Satisfaction Measures, 100% of the compliance safety checks were completed in relation to gas, fire, asbestos, water, and lift safety. Through our community grants programme, we awarded £35K to organisations helping people who are currently homeless back into housing, and to support a local night shelter to run over the winter months. Residents’ social activities at Mayfield Trustees’ report & financial statements | 12 ## 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. Last year, we gave Opportunities Funds to 23 local schools to support families on low incomes with the cost of school uniforms, school trips and extracurricular activities. The Opportunities Fund has been fantastic this year. The flexibility allows us to support our children in a variety of ways and help families who are struggling but don’t know where to turn. In 2023-24, we awarded over £135K in Community Grants to support skills training and catch-up sessions for disadvantaged pupils in local schools, and to fund workshops encouraging young people to explore careers in science, technology or engineering. Local Home School Link Worker We are delighted to work with so many partners and supporters, including Walton Charity, to inspire and support young people to take up rewarding careers in STEM, whatever their background. Chief Executive, Brooklands Museum **Clockwise from top right:** Elmbridge Book Hunt; Parenting Puzzle workshop for refugee parents; Working Out Our World young teens enrichment activity; children from Monkey Puzzle Nursery at Terrace Road Allotment; Brooklands Museum Innovation Academy Summer School; SATRO project at North East Surrey Short Stay School 13 | Trustees’ report & financial statements ## Tackling child poverty One of Walton Charity’s key strategic objectives is to work with our partners to reduce the causes and symptoms of child poverty in Elmbridge. In 2023-24, 75% of our grants to community partners supported local children and families. This included several multiyear grants worth almost £300K. As a funder, we are keen to award more multiyear grants to help organisations plan and deliver their activities more efficiently. We also partnered with Stripey Stork to deliver a fundraising appeal to raise enough money to purchase Christmas presents for over 1,000 children in Elmbridge. I think that it’s good [The Bridge] is there for families and for working people. As everyone thinks that if you work it’s alright for you, but actually that’s not the case Client, The Bridge In March 2023, we opened the doors of The Bridge, a new pilot community space in Walton to support working families adversely affected by the cost-ofliving crisis who often don’t know where to turn for help. We provide access to food and household supplies, but we also offer a safe and welcoming space for parents to share their concerns, find out about other help available, or just take time out to connect with others over coffee and cake. Thank you for partnering with Stripey Stork to be part of the jigsaw of care that our referral partners rely on to provide for these families. Chief Executive, Stripey Stork The _Under the Radar_ report Walton Charity commissioned in 2022 revealed that it is working families in Elmbridge who are really struggling, with 75% of children living in poverty locally coming from working families. The Bridge is a bridge for working families as they go through turbulent times, protecting and even increasing their sense of self-esteem and self-worth as they access the short-term support they need. The Bridge is transformational in both the small and big ways; from the ‘treat of being normal’, to opening up new possibilities for people in the future. External evaluation of The Bridge **Clockwise from top left:** Food box from The Bridge; Santa Stork Christmas gifts; pre-loved school uniform at Stripey Stork Trustees’ report & financial statements | 14 ## Working in partnership ## **Enabling and facilitating** Walton Charity is one of the oldest charities in the country, with over 800 years’ experience of meeting 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** Charities House is home to Walton Charity’s main office, and also provides our partners with high-quality lowcost office space and rooms for training, client interviews and meetings for the benefit of the community. Our partners at Charities House are: - Central Surrey Voluntary Action - Elmbridge Community Link - Home-Start Elmbridge - Home Support Elmbridge - Mary Frances Trust - Northwest Surrey Samaritans - Rentstart - The Counselling Partnership - Walsingham Care ## **Community buildings** Walton Charity also provides buildings and outdoor space for local partners at non-commercial rents. Last year we agreed for Burwood Preschool to become the new tenants at our Tree House property in Hersham. By leasing the property and land at a low rent, they will be able to pass savings on to parents and offer affordable childcare and forest school sessions to local families on low incomes. We are excited to see the expansion of our green spaces commitment with this latest partnership with Burwood Preschool. As part of this project, children from across the area will be able to attend preschool while learning about nature and benefitting from the great outdoors. Rob Mills, Chief Executive ## **Policy and communication** Through our policy and communications work we seek to raise awareness of, and engage our community in, the big issues facing local people. We continue to publish local data on poverty, work, welfare and housing in the Elmbridge Poverty Profile which is available on our website. 15 | Trustees’ report & financial statements In summer 2023, we ran The Great Elmbridge Book Hunt for a second time, giving primary school-age children the opportunity to win one of 100 books hidden around the borough. Each book focused on one of our five priority areas: poverty, housing, health, loneliness, and education, helping to raise awareness of the big issues facing our community. Thank you for the awesome book! The book hunt is a great activity for the summer holidays. Parent Throughout the year, we met with local councillors and MPs to talk more about how the cost-of-living crisis is affecting our local community, and how we are increasing support for individuals and families through our grants and initiatives such as The Bridge. ## **Live Local, Work Local, Give Local** our local community. With our expert understanding of local needs and a diverse range of charity partners, we help to match companies with suitable charitable projects. We match-fund donations made by companies (and through our fundraising appeals), and work with companies to find fulfilling volunteering opportunities for their employees. In 2023-24, local companies gave more than 428 hours of volunteer time, as well as supporting our fundraising activities and appeals. ## **Working with funders** We would like to thank the following organisations for their funding which has enabled us to help more individuals and families who are struggling financially: Elmbridge Borough Council (Cost of Living Fund), Surrey County Council (Your Fund Surrey and Household Support Fund) and the Trussell Trust. Walton Charity provides businesses and corporate partners with meaningful opportunities to support **Clockwise from top left:** Local estate agent Curchod has supported The Bridge; partnering with local charities to support the local community; Surrey Choices Grow Team; volunteers help create a new kitchen garden at Fenner House Trustees’ report & financial statements | 16 ## Community Grants awarded Over the last year, we have awarded **over £460K** in Community Grants to the following organisations. We continue to publish details of our grants on 360 Giving and are committed to open and transparent grant-making as an IVAR Flexible Funder. **----- Start of picture text -----**
Brooklands Museum Learning and community engagement
Central Surrey Voluntary Action Funding and sustainability advisor
Cleves Primary School Catch-up clubs
Elmbridge Borough Council Partnership Fund and KT One-Two Football Project
Elmbridge CAN Staffing costs
Elmbridge Family Centre Youth project and parenting course for resettled families
GASP Motor Project Early intervention project
Home-Start Elmbridge Dad Matters and perinatal mental health crisis support
Rentstart Rent in advance
St Mary's and St John's Church, Walton Community engagement worker
St Nicholas Church Foodbank security at Thames Ditton community hub
St Peter's Church West Molesey Molesey Churches Night Shelter and youth work
Stripey Stork Christmas Santa Stork appeal
Sunbury & Walton Sea Cadets Legal support
Surrey Care Trust Flourishing families mentor support
Surrey Drug & Alcohol Care Telephone counselling for addiction and mental health
The Wellbeing Supervisor Parenting Puzzle – top up
Three Rivers Academy SATRO construction bus provision and Jamie's Farm visit
Voices of Hope BRITE Box
The Bridge Community hub initiative
**----- End of picture text -----**
**Clockwise from top left:** Brooklands Museum Innovation Academy Summer School; The Bridge; Walton Charity is an IVAR Flexible Funder; Voices of Hope BRITE Box recipe box 17 | Trustees’ report & financial statements ## Structure, governance & management The Charity Commission has put in place a directive to link the permanent endowed charity number 1185959-1, with the new incorporated charity number 1185959. For accountancy and registration purposes, this direction means that: - the Charities are registered under a single registration number - the trustees are required to prepare a single set of accounts for the reporting charity and the linked charity, within which the individual funds of the linked charity or charities are reported as restricted funds and/or endowment, as appropriate; and - where accruals accounts are prepared, the Charities' Statement of Recommended Practice (SORP) must be used. 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. The charity called Walton on Thames Charity (“the linked charity”), shall be treated as forming part of the charity called Walton on Thames Charity (“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. Each year, the trustees review and update a board development action plan. As part of this, trustees have established a ‘Decision Log’ which enables the board to review its decision making, assess the consequences of the decision, and learn any lessons for future decision making. Trustees have an agreed ethical positioning statement. _Walton Charity holds strong values as a forwardthinking, influential, and independent organisation. We recognise the importance of our long-standing position in the community and have carefully considered our ethical position and the social impact of our activities. The reputation of Walton Charity is dependent on effective operation and commitment to high standards of integrity and ethical practices in all areas of our work._ _We are focused on exclusionary screening and positive impact investment. We seek to avoid investment in, or work with, certain sectors and businesses practices and instead, further our aims and objectives by focusing on environmental, financial, and social activities that positively benefit our community._ _We are committed to remaining a living wage employer and funder, and we will support our contractors, suppliers, and partners in becoming living wage employers._ _Walton Charity stands against all forms of inequality, injustice, and discrimination, and has developed a separate diversity, equality and inclusion statement and action plan. Read more about our commitment to diversity, equity, and inclusion._ _We manage a wide range of activities, properties and contractors and recognise the importance of our environmental impact. We will take steps to reduce our carbon footprint, especially to support our agenda to address inequalities. Our longer-term aim is to become carbon neutral, noting the external dependencies in achieving this aim._ _As Walton Charity increases its income-generating activities, we remain committed to the Fundraising Regulator’s Code of Fundraising Practice. We will continue to be transparent, candid and respectful in all aspects of our fundraising work._ Trustees’ report & financial statements | 18 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 donators 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 relating to the Charity’s fundraising activities. The total of donations, fundraising and grant income for the year is £267K, highlighting positive support from businesses, the community and through our campaigns. ## **Regulator of Social Housing (RSH)** As a registered provider we are regulated by the RSH, but as a small provider, we are not subject to a regulatory judgement from them. During the year we self-referred to the RSH in relation to the presence of Reinforced Autoclaved Aerated Concrete (RAAC) in one of our properties. The RSH found no breach of their standards. We identified the presence of RAAC in the roof structure of one of our almshouses following a routine inspection. A structural engineer was commissioned, and specialist advice provided. There was no immediate risk to residents or staff, and we will be carrying out the recommended remedial works during 2024-25. ## **Tenant Satisfaction Measures** Tenant Satisfaction Measures (TSMs) were introduced in April 2023, and the new Transparency, Influence and Accountability Standard introduced in April 2024 as one of four new consumer standards introduced by the RSH. The Transparency, Influence and Accountability Standard requires all registered providers to collect and report annually on their performance using a core set of defined measures. The aims of the TSMs are to provide residents with greater transparency about our performance. As a small provider, we are not required to submit the TSM results to the Regulator, but we will provide a summary to our almshouse residents. ## **TSMs collected from tenant perception surveys** **----- Start of picture text -----**
Code Issue Result
TP01 Overall satisfaction 78%
TP02 Satisfaction with repairs 80.5%
TP03 Satisfaction with time 85.2%
taken to complete most
recent repair
TP04 Satisfaction that the home 78.6%
is well maintained
TP05 Satisfaction that the home 73.8%
is safe
TP06 Satisfaction that the 62%
landlord listens to tenant
views and acts upon them
TP07 Satisfaction that the 65.9%
landlord keeps tenants
informed about things that
matter to them
TP08 Agreement that the 71.4%
landlord treats tenants
fairly and with respect
TP09 Satisfaction with the 43.8%
landlord's approach to
handling complaints
TP10 Satisfaction that the 70%
landlord keeps communal
areas clean and well
maintained
TP11 Satisfaction that the 60.5%
landlord makes a positive
contribution to
neighbourhoods
TP12 Satisfaction with the 50%
landlord's approach to
handling anti-social
behaviour
**----- End of picture text -----**
## **TSMs generated from management information** |**Code**|**Issue**|**Result**| |---|---|---| |CH01|Complaints relative to the
size of the landlord|190
complaints
per 1000
properties| |CH02|Complaints responded to
within Complaint Handling
Code timescales|83%| |NM01|Anti-social behaviour cases
relative to the size of the
landlord|67 ASB
cases per
1000
properties| 19 | Trustees’ report & financial statements **----- Start of picture text -----**
RP01 Homes that do not meet 0%
the Decent Homes
Standard
RP02 Repairs completed within 100%
target timescale
BS01 Gas safety checks 100%
BS02 Fire safety checks 100%
BS03 Asbestos safety checks 100%
BS04 Water safety checks 100%
BS05 Lift safety checks 100%
**----- End of picture text -----**
**Complaints.** We carried out a self-assessment of our complaints policy against the Housing Ombudsman Service’s Complaint Handling Code. As the services provided by the Charity are wide-ranging beyond just housing, and are subject to different regulators and other bodies, wherever possible our approach is to have a single policy for the whole Charity. This is the case for the Charity’s complaints policy. In 2023/24, Walton Charity received 25 complaints, as detailed below. No complaints were escalated to either the Housing Ombudsman or the Fundraising Regulator. |Independent Living|20| |---|---| |Green Spaces|2| |Foodbank|1| |Head office|1| |Thirdparty|1| As a result of the complaints received, there were several lessons learned and improvements made to the service, including reviewing the almshouse rules and regulations and anti-social behaviour policy, and improving the application process for housing. Walton Charity received 46 compliments during the year. Fenner House Trustees’ report & financial statements | 20 ## Financial review The Charity’s main sources 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 **£216K** . Depreciation costs were **£441K** , and there were gains on investments of **£1,750K** . The total gain for the year was **£1,534K** . ## **Finance policy for strategy, investments and reserves** Trustees have developed and agreed a Finance policy for strategy, investments and reserves. To meet the objectives of the five-year plan (20222027), the trustees regularly review its financial strategy to enable the Charity to fund its aspirations, while retaining the Charity’s long-term values and guarding against stock market variations. The fiveyear financial forecasts are reviewed by trustees on an annual basis. Over the financial year, the investments returned 9.9%. It was a strong year for global markets, with shares supported by softer inflation figures across the UK, eurozone and the US, which raised the hopes that interest rates may have peaked. One of the key aspects of the Finance policy is to maintain ‘Intergenerational equity’ as far as practicable. This is a challenging concept, effectively meaning that trustees aim to safeguard the real value of the investments for an indefinite number of generations. Trustees also 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. During fiscal year 2021, trustees crystalised the permanent endowment investment at £17,199K. Trustees review the value of the permanent endowment investment on an annual basis and decide whether to increase the permanent investment value. The increase will normally be in line with the Consumer Price Index (as at the end of September each year), but trustees may decide to increase the permanent endowment investment value at a lower rate. In the event that the value of the permanent endowment exceeds the non-expendable fund value, SORP states in Section 3, 20.9 “Exceptionally, where investment losses exceed the amount of unapplied total return, the loss must be treated as a reduction in the value of the trust for investment component of the permanent endowment until such time as these losses are reversed.” The Charity currently maintains two separate investment accounts, one for the permanent endowment and another for the expendable funds (non-permanent endowment). Both funds are invested in Cazenove’s Charity Sustainable MultiAsset Fund (SMAF). The Fund is designed for charities who want to align their investments with their charitable mission and invest for a better future. The intention is for the fund to have a positive impact on people and the planet by avoiding harm through ESG integration and exclusions, benefiting stakeholders through responsible business activities and contributing to solutions through influence and investing for impact. Walton Charity is invested alongside 422 other charity investors, representing £1.8bn of assets. The Fund has a target return of Inflation (CPI) + 4% per annum over rolling ten-year periods, and invests in a diverse range of equities, bonds and alternative assets worldwide. This target is designed to allow for a sustainable withdrawal of up to 4% each year to 21 | Trustees’ report & financial statements support budgeted expenditure requirements without depleting the real value of the funds. To evaluate our fund manager's performance, trustees have set a benchmark: **the ARC Sterling Steady Growth PCI** . This index is widely used within the investment industry as a standard for comparing the relative performance of different investment managers. The trustees will conduct an annual review of the performance, with a more comprehensive review every five years. Since Cazenove Capital were appointed in March 2021, the investments have returned 6.0% per annum versus 3.6% for the ARC Steady Growth Index (9.9% and 9.3% respectively over the fiscal year). Cazenove publish an impact report each year, which evaluates the positive social impact the fund has made through both capital allocation and active engagement. 27% of the fund is contributing to solutions by supporting the United Nations (UN) Sustainable Development Goals (SDGs), as assessed under the Impact Management Projects’ (IMP) framework. The Fund also has a 71% lower carbon footprint than global equity markets based on scope 1 and 2 reported emissions. The trustees have established an investment strategy based on the following criteria: **Objective** – balanced return between income and capital – total return **Risk** – medium (equivalent to Cazenove SMAF risk of medium-high) **Mandate** – socially responsible investing. ## **Draw down of distributions** Based on the cash flow forecast, trustees will determine the required level of distributions from the two SMAF accounts. Trustees will draw down the maximum 4% from the expendable SMAF account (non-permanent endowment). Any additional requirements will be drawn down from the unapplied total return part of the non-expendable SMAF fund (permanent endowment). This should mean that the non-expendable fund can appreciate at a higher rate. The allocation of Charity investments in the two SMAF accounts consists of the following: **1. Non-expendable endowment fund** containing: The permanent endowment of **£20,373K** as at 31 March 2024, 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 is fully spent last financial year. Trustees agreed uplifts to the permanent endowment as follows: - Considering CPI for September 2023 (6.7%) Trustees agreed to increase the permanent endowment by £1,279K to £20,373K Trustees’ report & financial statements | 22 The Charity’s total permanent endowment funds at 31 March 2024, are therefore £26,555K, which consists of the following: ||Fixed assets|£4,449K| |---|---|---| ||Permanent endowment|£20,373K| ||Unapplied total return|£1,733K| ## **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. ## **Risk Management** While utilising Charity Commission guidelines (CC26), Walton Charity identifies the major risks that apply to the Charity, clarifies what existing controls are in place, and identifies steps to further mitigate the residual risks. The Charity enables trustees to assess the identified risks and evaluate what actions need to be taken on risks, which helps trustees make decisions and prioritise areas of risk with higher impact and likelihood. Walton Charity is permanently endowed and is obliged to protect its assets and reserves for the longer term while ensuring that it can safely fulfil its responsibilities as outlined in the Charity’s Objects. ## **Reserves policy** Trustees have agreed a target for unrestricted reserves of 12 months’ running costs, currently in the region of £3m. ## **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 and cost-of-living crisis. As a result, the trustees have agreed to the allocation of funds to specific designated funds as below: - £3m for future property acquisition - £1.5m for future grants/community projects - £1.1m for property repairs (to replace the diminished restricted repair fund). The level of reserves and designated funds is to be kept under review throughout the year but will be reviewed each year by the Finance and General Purposes Committee. 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. While the Charity cannot operate free of risk, it is imperative that the risks are known, managed, and monitored. Generally, risks are mitigated through insurance, effective governance and management, planning, reviews, and monitoring through risk assessments. Staff are responsible for managing risk within their area of responsibility in compliance with the Charity’s overall risk profile. Using a heat matrix to determine the risk priority, a formula has been applied using the likelihood (L) and impact (I) scores (L*I)+I |**Impact Severity**|**Multiplier**|**Scores**|**Scores**|**Scores**|**Scores**|**Scores**| |---|---|---|---|---|---|---| |**Extreme /**
**Catastrophic(5)**|**5**|10|15|20|25|30| |**Major(4)**|**4**|8|12|16|20|24| |**Moderate(3)**|**3**|6|9|12|15|18| |**Minor(2)**|**2**|4|6|8|10|12| |**Insignificant(1)**|**1**|2|3|4|5|6| |||||||| ||**Multiplier**|**1**|**2**|**3**|**4**|**5**| |**Likelihood**||**Remote**
**(1)**|**Unlikely**
**(2)**|**Possible**
**(3)**|**Probable**
**(4)**|**Highly**
**probable**
**(5)**| During 2023-24 the four major risk priorities (red) that have been identified by the Charity are: 1. Information Technology (16) 2. Individuals at risk from harm (16) 3. Investment returns (16)* 4. Economic uncertainty (16)* ## **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. * _Two of the four major risk priorities originate from external sources, which are outside the control of the Charity. Nevertheless, we do endeavour to mitigate these risks._ Information technology (IT) residual risk score is 16, with likelihood being possible and the impact being major in the event of an IT failure. The Charity has Cyber Essentials certification, operates a two-form 23 | Trustees’ report & financial statements authentication protocol, and offers extensive IT training for staff, along with up-to-date firewalls and anti-virus software on all devices. Individuals at risk of harm, including health and safety and safeguarding of residents, staff, volunteers or beneficiaries has a residual risk score of 16, with likelihood being probable and the impact being extreme/catastrophic. During the year, the Charity identified the presence of RAAC in the roof structure of one of our almshouses following a routine inspection. A structural engineer was commissioned, and specialist advice provided. There was no immediate risk to residents or staff, and we will be carrying out the recommended remedial works during 2024-25. In addition, fire compartmentation improvement works will be undertaken during 2024-25 to further enhance the safety of our almshouses. Partnering with Herb Fresh to provide produce for Voices of Hope’s Brite Box recipe boxes Walton Charity head office Trustees’ report & financial statements | 24 Trustees, responsibilities The Charity's trustees (who are also the directors of Walton on Thames Charity for the purposes of company lawl, are responsible for preparing trustees, annual report and financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Ge￿ralty Accepted Accounting Practice). The trustees are reswnsible for keeping proper accounting records that disclose. with reasonable accuracy. at any time the financial position of the Charity, and to enable them to ensure that the financial ststements comply with the Companies Act 2(￿. They are also reswnsible for safeguarding the assets of the Charty and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Company law requires the Chantys trustees to prepare financial slatements for each year whid) 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 charitsble company for that period. In preparing the financial statements. the trustees are required to: select suitable accounting policie5 and then apply them Con515ten￿Y observe the methods 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 ary material departure5 disclosed and explained in the financial *atements prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The trnstees are respjnsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial ststements may differ from legislation in other jurisdictions. Statsm•nt of dlsdosur• of Infom￿*10Tr to th• *udltor In so far as the trustees are aware at the time of pprowng our tIUStees' annual report, there is no relevant information, being inforniation needed by the auditor in connection with preparing their reporl of which the company's auditor is unaware, nd the trustees. hawng made enquiries of fellow director5 and the company'5 auditor thal they ought to have indNidually 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 awa￿ of that information. Acknowledgements & thanks The achievements of the Charity are onty possible with the support of our board of tTUStee& volunteers, partners, ompanies, friends, colleagues, stsff and supporters. THANK YOUI We hugety appreciate Such enduring sUPPOrt for our collectNe commitment to the local community. Signed on behalf of the Board of Trustees. Sarah Tomkins Chalr of Tru51ee5 Date= 25. TiJs1￿, feDO't& finan¢i31staieffenis ## WALTON ON THAMES CHARITY ## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTON ON THAMES CHARITY ## **Opinion** We have audited the financial statements of Walton on Thames Charity (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial 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 state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting 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 Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of 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 financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 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 of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 26 ## 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 information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and 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 received from branches not visited by us; or - the financial statements 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 information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements 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 company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 27 ## 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 misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The Charitable company is subject to laws and regulations that directly affect the financail statements including financial reporting legislation. We determined that the following laws and regulations were most significant including: - The Companies Act 2006; - Charities Act 2011; - Statement of Recommended Practice Accounting and Reporting by Charities 2015 [FRS102] - UK Employment Legislation; - UK Health and Safetly Legislation; - Statement of Recommended Practice Accounting by Registered Social Housing Providers 2014; - Social Housing Legislation; and - General Data Protection Regulations. We assessed the extent 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, making inquiries to management, those responsible for legal and compliance 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 procedures, 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 judgements or estimation to manipulate the financial position; and - Posting of unusual journals and complex transactions. We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: - Identifying and assessing the measures management has in place to prevent and detect fraud; - Understanding how those charged with governance considered and addressed the potential for override of controls; - Understanding other inappropriate influence 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 journal 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 to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 28 WALTON ON THAMES CHARIry INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WALTON ON THAMES CHARITY (CONTINUED) A further description ol our iesponsibilitles for the audit Df the finanaal statements is located on the Financial Reporb'ng Counal's website at w*M.frttor .ukJauditorsres on5ibillties. This de$￿ption fomis part of ourAuditors' report. Use of our r¢port This report is made solely tc the charitable CL*npany'5 members, as a body, in aru)rdan￿ wth Ch8PteT 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 60 that we rn￿ht 6t8ts to the tharitsble cornpanls Tnembèrs those mattèrs we are ￿quIred to stste to them in an Audrtors, report and IOT no other purpose. To the fullest extent pemiitted by law. do not ac¢¢pt or assume responsibility to anyone othei than the charitable o)mpany and its members. as a body, for our audit work, forthis report, or for the opinions we have fomied. Mo LLP Janic• Matth•ws FCA (Senlor ststutory ouditorl for and on behaff of Menzies LLP Chartered Accountants Statutory Auditor Magna House 18-32 London Road stain8S-Upon-Thames TW18 4BP Oat•". Page 29 ## WALTON ON THAMES CHARITY ## STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 |**Note**
**Income and**
**endowments from:**
Donations and legacies
4
Charitable activities
5
Investments
6
Other income
7
**Total income and**
**endowments**
**Expenditure on:**
Raising funds
8
Charitable activities
9,10
**Total expenditure**
**Net**
**(expenditure)/income**
**before net**
**gains/(losses) on**
**investments**
Net gains/(losses) on
investments
**Net**
**(expenditure)/income**
Transfers between funds
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**|**Unrestricted**
**funds**
**2024**
**£000**
**2**
**1,412**
**329**
**-**
**1,743**
**63**
**2,243**
**2,306**
**(563)**
**468**
**(95)**
**407**
**312**
**10,717**
**312**
**11,029**|**Restricted**
**funds**
**2024**
**£000**
**265**
**-**
**-**
**-**
**265**
**-**
**318**
**318**
**(53)**
**-**
**(53)**
**-**
**(53)**
**143**
**(53)**
**90**|**Permanent**
**Endowment**
**funds**
**2024**
**£000**
**-**
**-**
**900**
**-**
**900**
**171**
**329**
**500**
**400**
**1,282**
**1,682**
**(407)**
**1,275**
**25,280**
**1,275**
**26,555**|**Total**
**funds**
**2024**
**£000**
**267**
**1,412**
**1,229**
**-**
**2,908**
**234**
**2,890**
**3,124**
**(216)**
**1,750**
**1,534**
**-**
**1,534**
**36,140**
**1,534**
**37,674**|_Total_
_funds_
_2023_
_£000_
_354_
_1,320_
_1,189_
_165_| |---|---|---|---|---|---| ||||||_3,028_| ||||||_278_
_2,686_| ||||||_2,964_| ||||||_64_
_(1,601)_| ||||||_(1,537)_
_-_| ||||||_(1,537)_| ||||||_37,677_
_(1,537)_| ||||||_36,140_| All activities relate to continuing operations. The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 33 to 51 form part of these financial statements. Page 30 WALTON ON THAMES CHARITY REGISTERED NUMBER.. 12202541 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 £000 Tangible assets Investrnents 14 15 8.138 30,042 8.219 28,320 38,180 36,539 Current assèts Stocks Debtors Cash at bank and in hand 16 17 16 79 28 88 74 77 172 190 Creditors.. Amounta falling due ￿thin one year 18 14691 1374) Net current liabilitles 12971 (184) Tolal is$•ts less eurrent 1lob5ll￿e$ 37,883 36,355 Credltors.. amounts falling due after more than one year 19 12091 (215) Total net awdets 37,874 36, 140 Charlty funds P¢manent End¢wm¢nt funds Ro8trict¢d fund$ Unrestricted funds 26,666 90 11,029 25.280 143 10,777 Total funds 20, 21 37,674 36, 740 The Trustees ad(n￿edge thelr responsibillties lor complylng wfth the requirements of the Aet resped tts accounting records and preparation of financial 8tat8rnent8. The finanaal statements hav8 been prepared in ac￿rdanCe th& provl$lon$ applicable to entitle9 8ubject to the ￿all ¢rnpanie$ regime. The finanaal slatsments ￿re approvèd 8nd 8ulhoTi3ed for issue by the Trustee5 and slgn8d on their ￿half by.. Sarah Tomklns (Chair of Trustees) Alexandra Filipatrfck (Vice Chalr Df Tru$tee$l The note$ on pages 33 to $1 foryn part ofthe8e finanryal Statements. Page 31 ## WALTON ON THAMES CHARITY ## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 |**Cash flows from operating activities Note**
Net cash used in operating activities 23
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Movement between cash and the investment portfolio
Lease interest paid
Loan interest paid
**Net cash provided by investing activities**
**Cash flows from financing activities**
Repayments of 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
**Cash and cash equivalents at the end of the year**|**2024**
**£000**
**(651)**
**1,020**
**(361)**
**27**
**(23)**
**(8)**
**655**
**(1)**
**(1)**
**3**
**74**
**77**|_2023_
_£000_
_(374)_| |---|---|---| |||_1,152_
_(630)_
_(87)_
_(22)_
_(9)_| |||**404**| |||_(1)_| |||**(1)**| |||**29**
_45_| |||| |||_74_| The notes on pages 33 to 51 form part of these financial statements Page 32 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **1. General information** Walton on Thames Charity is an incorporated charity registered with the Charities Commission in England and Wales, charity number 1185959. The address of the principal office of the charity is Walton On Thames Charity Charities House, 2 The Quintet, Churchfield Road, Walton On Thames, Surrey, KT12 2TZ. ## **2. Linked Charities** By resolution of the board of trustee's, it was agreed that the charitable company appointed as the sole corporate trustee of the permanent endowment of the existing charity; Walton on Thames Charity (“the linked charity”). It holds the legal title of the property, investments assets, liabilities and existing reserves. Walton on Thames Charity (“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 ("the linked charity") shall be treated as forming part of the charity called Walton on Thames Charity ("the incorporated charity") for the purposes of Part 4 (resignation) and Part 8 (accounting) of the Charities Act 2011. The effect of this is the charities are registered under a single registration number and the trustees are required to prepare a single set of accounts for the incorporated charity and the linked charity going forward. ## **3. Accounting policies** ## **3.1 Basis of preparation of financial statements** As an Almshouse Charity and Registered Social Landlord, the financial statements have been prepared in accordance with the special regime of Part VI of the Charities Act 2011 which permits 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 (FRS 102) 2019 for those activities which are not explicitly referred to the 2014 Statement of Recommended Practice Accounting by Registered Social Housing Providers and Companies Act 2006. Walton on Thames Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised 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 of the charity and rounded to the nearest thousand. ## **3.2 Going concern** As part of the trustees assessment of going concern, they have prepared cash flow projections for the a significant period. The projections have been prepared on an appropriate basis taking into account feasible assumptions and the current economic conditions that exist. After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to enable to continue in operational existence for the foreseeable future. Therefore the trustees believe that going concern basis is appropriate and have prepared the accounts on the going concern basis. Page 33 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **3. Accounting policies (continued)** ## **3.3 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations and fundraising events from individuals and sponsors are taken into accounts on the accruals basis. Donations received during the year are recorded as donation income and any deferred income is recognised under accruals and deferred income accordingly. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of 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 independent living is recognised to the extent that is probable that the economic benefit will flow to the charity and revenue can be reliably measured. Independent living represents rentals and service charge income and allowances net of losses from vacant accommodation and sundry income. Other income is recognised in the period in which it is receivable and to the extent to which services have been provided. ## **3.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will 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 its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated 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 (SHG)** SHGs are paid to reduce the cost of development on housing properties. These are shown on the balance sheet and amortised over the expected remaining life of the property. SHGs are repayable under certain circumstances, primarily the sale of a property but will normally be restricted to the net proceeds of the sale. Under current legislation, in most cases, any SHG that arises on the sale of a property can be retained and transferred into a Recycled Capital Grant account and can be used for new development work or major repairs on eligible properties. Page 34 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **3. Accounting policies (continued)** ## **3.6 Tangible fixed assets and depreciation** Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Properties included in Independent living houses are recorded at cost less Social Housing Grants received. The cost of 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 at gross value before retention provided that the dates of issues or valuation are prior to the year end. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases: - Freehold property 2%-10% straight line Motor vehicles - 25% straight line - Fixtures and fittings 10% - 20% straight line ## **3.7 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘net gains/(losses) on investments' in the Statement of Financial Activities. ## **3.8 Stocks** Stock comprises food and toiletries held for distribution by Walton and Hersham Foodbank and The Bridge directly operated by Walton Charity. Stock is valued at the current Trussell Trust rate per kilo. ## **3.9 Debtors** 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. Page 35 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **3. Accounting policies (continued)** ## **3.10 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. ## **3.11 Operating leases** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. ## **3.12 Pensions** The Charity has a defined contribution pension scheme for the benefit of its employees. Contributions are charged in the income and expenditure account for the period in which it is paid. ## **3.13 Mortgages** 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. ## **3.14 Extraordinary Repairs Fund** Under the terms of the Charity's 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 the almshouses and other property belonging to the charity. ## **3.15 Fund accounting** Undesignated unrestricted funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Permanent Endowment funds are restricted capital funds invested in a total return 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 of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 36 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **4. Income from donations and legacies** |Donations
Grants
**Total 2024**
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£000**
2
-
2
_2_|**Restricted**
**funds**
**2024**
**£000**
151
114
265
_352_|**Total**
**funds**
**2024**
**£000**
**153**
**114**
**267**
_354_|_Total_
_funds_
_2023_
_£000_
_155_
_199_| |---|---|---|---|---| |||||_354_| |||||| ## **5. Income from charitable activities** |Independent living maintenance contributions
Other rents
**Total 2024**
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£000**
1,187
225
1,412
_1,320_|**Total**
**funds**
**2024**
**£000**
**1,187**
**225**
**1,412**
_1,320_|_Total_
_funds_
_2023_
_£000_
_1,105_
_215_| |---|---|---|---| ||||_1,320_| ||||| ## **6. Investment income** |Investment dividends & interest
Bank interest
**Total 2024**
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£000**
326
3
329
_319_|**Endowment**
**funds**
**2024**
**£000**
900
-
900
_870_|**Total**
**funds**
**2024**
**£000**
**1,226**
**3**
**1,229**
_1,189_|_Total_
_funds_
_2023_
_£000_
_1,189_
_-_| |---|---|---|---|---| |||||_1,189_| |||||| Page 37 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **7. Other incoming resources** |Other income
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£000**
-
_3_|**Restricted**
**funds**
**2024**
**£000**
-
_162_|**Total**
**funds**
**2024**
**£000**
**-**
_165_|_Total_
_funds_
_2023_
_£000_
_165_| |---|---|---|---|---| |||||| ## **8. Expenditure on raising funds** ## **Costs of raising income and capital growth** |Investment management fees
**Total 2024**
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£000**
63
63
_75_|**Endowment**
**funds**
**2024**
**£000**
171
171
_203_|**Total**
**funds**
**2024**
**£000**
**234**
**234**
_278_|_Total_
_funds_
_2023_
_£000_
_278_| |---|---|---|---|---| |||||_278_| |||||| ## **9. Analysis of grants** |Local community grants
**Total 2024**
_Total 2023_|**Grants to**
**Institutions**
**2024**
**£000**
595
595
_579_|**Grants to**
**Individuals**
**2024**
**£000**
195
195
_155_|**Total**
**funds**
**2024**
**£000**
**790**
**790**
_734_|_Total_
_funds_
_2023_
_£000_
_734_| |---|---|---|---|---| |||||_734_| |||||| Page 38 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **9. Analysis of grants (continued)** The Charity has made the following material grants to activities during the year: |**Name of activity:**
Schools opportunities funds
Delegated funds
Community grants
Foodbank grants|**2024**
**£000**
**77**
**58**
**462**
**(2)**
**595**
**595**|_2023_
_£000_
_81_
_52_
_383_
_63_| |---|---|---| |||_579_| |||| |||_579_| |Schools opportunities funds
Delegated funds
Community grants
Food bank grants
**Total 2024**
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£000**
77
58
389
-
524
_453_|**Restricted**
**funds**
**2024**
**£000**
-
-
73
(2)
71
_126_|**Total**
**funds**
**2024**
**£000**
**77**
**58**
**462**
**(2)**
**595**
_579_|_Total_
_funds_
_2023_
_£000_
_81_
_52_
_383_
_63_| |---|---|---|---|---| |||||_579_| |||||| ## **10. Analysis of expenditure by activities** |Local community support
**Total 2024**
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£000**
2,100
2,100
_1,952_|**Grant**
**funding of**
**activities**
**2024**
**£000**
790
790
_734_|**Total**
**funds**
**2024**
**£000**
**2,890**
**2,890**
_2,686_|_Total_
_funds_
_2023_
_£000_
_2,686_| |---|---|---|---|---| |||||_2,686_| |||||| Page 39 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **10. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** |**Charitable**
**activities**
**2024**
**£000**
Staff costs
780
Depreciation
441
Other residential expenses
12
Other staff costs
36
Rates
17
Heating & lighting
325
Printing, postage and stationery
4
Subscriptions, books & publications
7
Insurance
36
Motor and travel expenses
4
Computer expenses
28
Telephone
6
Cleaning
32
Repairs & maintenance
233
Legal and professional fees
56
Auditor's remuneration & accountancy
18
Sundry expenses
13
Loan interest payable
8
Foodbank rent
22
Lease interest payable
22
**Total 2024**
2,100
_Total 2023_
_1,952_
**11.**
**Auditors' remuneration**
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-audit services not included above|**Total**
**funds**
**2024**
**£000**
**780**
**441**
**12**
**36**
**17**
**325**
**4**
**7**
**36**
**4**
**28**
**6**
**32**
**233**
**56**
**18**
**13**
**8**
**22**
**22**
**2,100**
_1,952_
**2024**
**£000**
**14**
**4**|_Total_
_funds_
_2023_
_£000_
_723_
_398_
_14_
_44_
_20_
_289_
_4_
_7_
_30_
_2_
_29_
_6_
_33_
_235_
_50_
_22_
_5_
_9_
_10_
_22_| |---|---|---| |||_1,952_| |||_2023_
_£000_
_22_
_6_| Page 40 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **12. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2024**
**£000**
**675**
**57**
**48**
**780**|_2023_
_£000_
_627_
_51_
_45_| |---|---|---| |||| |||_723_| The average number of persons employed by the Charity during the year was as follows: |Average employees
The average number of full time equivalent persons employed during the year was:
Average full time employees|**2024**
**No.**
**25**
**2024**
**No.**
**18**|_2023_
_No._
_25_| |---|---|---| |||_2023_
_No._
_18_| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |||**2024**|_2023_| |---|---|---|---| |||**No.**|_No._| |In the band £70,001|- £80,000|**1**|_1_| |In the band £90,001|- £100,000|**1**|_-_| Pension contribution in respect to those employee were £12.3K (2023: £8.6K). During the year, four individuals made up key management personnel and received remuneration of £256k (2023 - £195k). Page 41 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **13. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ . During the year ended 31 March 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ . ## **14. Tangible fixed assets** |**Cost or valuation**
At 1 April 2023
Additions
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Freehold**
**properties**
**£000**
**12,716**
**301**
**13,017**
**4,635**
**410**
**5,045**
**7,972**
_8,081_|**Motor**
**vehicles**
**£000**
**12**
**5**
**17**
**12**
**1**
**13**
**4**
_-_|**Fixtures and**
**fittings**
**£000**
**1,563**
**54**
**1,617**
**1,425**
**30**
**1,455**
**162**
_138_|**Total**
**£000**
**14,291**
**360**| |---|---|---|---|---| |||||**14,651**| |||||**6,072**
**441**| |||||**6,513**| |||||**8,138**| |||||_8,219_| The tangible fixed assets are held in the following funds: |Freehold properties
Motor Vehicle
Fixture and fittings
**Total 2024**
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£000**
3,657
5
28
3,690
_3,750_|**Permanent**
**Endowment**
**funds**
**2024**
**£000**
4,315
-
134
4,449
_4,468_|**Total**
**funds**
**2024**
**£000**
**7,972**
**5**
**162**
**8,139**
_8,218_|_Total_
_funds_
_2023_
_£000_
_8,081_
_-_
_137_
_8,218_| |---|---|---|---|---| Page 42 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **15. Fixed asset investments** |**Cost or valuation**
At 1 April 2023
Funds extracted
Gains/(losses)
Other movements
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Main Fund**
**£000**
**28,320**
**(1,020)**
**1,750**
**992**| |---|---| ||**30,042**| ||**30,042**| ||_28,320_| The investments are held in the following funds: |Main Fund
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£000**
7,936
_7,508_|**Permanent**
**Endowment**
**funds**
**2024**
**£000**
22,106
_20,812_|**Total**
**funds**
**2024**
**£000**
**30,042**
_28,320_|_Total_
_funds_
_2023_
_£000_
_28,320_| |---|---|---|---|---| Investments are held primarily to provide an investment return for the Charity. ## **16. Stocks** Foodbank stock |**2024**|_2023_| |---|---| |**£000**|_£000_| |**16**|_28_| Page 43 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **17. Debtors** |**Due within one year**
Maintenance contributions receivable
Prepayments and accrued income|**2024**
**£000**
**54**
**25**
**79**|_2023_
_£000_
_42_
_46_| |---|---|---| |||| |||_88_| ## **18. Creditors: Amounts falling due within one year** |Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Grants payable|**2024**
**£000**
**83**
**16**
**4**
**170**
**196**
**469**|_2023_
_£000_
_40_
_25_
_12_
_118_
_179_| |---|---|---| |||| |||_374_| ## **Deferred income (within one year and greater than one year)** The deferred income relates to the commercial tenant rent and deferred grant income, as these are paid in advance and the movement is as follows: |Deferred income brought forward
Amount released to income
Amount deferred during the year|**2024**
**£000**
**110**
**(68)**
**37**
**79**|_2023_
_£000_
87
_(40)_
_63_| |---|---|---| |||_110_| Included within deferred income is an amount of £42k that is due in greater than one year. Page 44 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **19. Creditors: Amounts falling due after more than one year** |Mortgage loans
Deferred grants
Grants payable|**2024**
**£000**
**80**
**42**
**87**
**209**|_2023_
_£000_
_80_
_47_
_88_| |---|---|---| |||| |||_215_| The mortgage loan is secured on properties at 34, 36 and 38 Severn Drive, is repayable by annual installments of interest and capital totaling £9,225, bears interest at 10.50% per annum and is repayable by 2047. ## **20. Statement of funds** ## **Designated Funds** Designated funds amounting to £5,600k have been set aside to ensure that the charity has sufficient reserves for its on-going grant, housing and income generation commitments as set out above. ## **Permanent Endowment Funds** The Permanent Endowment Fund was clarified and agreed with the Charity Commission in 2012. The Permanent Endowment originates from the sale of land and assets that were part of 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** Under the terms of the Trust Deed of 2 April 1984, the Trustees set aside funds for the purpose of providing for the extraordinary repair, improvement or rebuilding of the almshouses and other property belonging to the Charity. A transfer has been made in the year ended 31 March 2023 from the restricted reserves to the unrestricted reserves, representing repairs expenditure initially incurred on unrestricted reserves. During this financial year, the extraordinary repair fund has been exhausted. In the year ended 31 March 2023, the Walton & Hersham foodbank officially became part of Walton on Thames Charity and provides three days' nutritionally balanced emergency food and support to local people. The balance of funds received are held for future foodbank expenditure. The permanent endowment funds consists of the following: |Tangible fixed assets
Investments
Unapplied total return|**2024**
**£000**
**4,449**
**20,373**
**1,733**
**26,555**|_2023_
_£000_
_4,468_
_19,094_
_1,718_| |---|---|---| |||_25,280_| Page 45 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **Statement of funds (continued)** The total return on investment of permanent endowment have been disclosed as follows below: |**At the beginning of the reporting**
**period**
Permanent endowment
Unapplied total return
**Total**
**Movement during the period**
CPI uplift for the year
Investment income
Net gain/(loss) on investment
**Total**
Unapplied total return to income in
the year
**Net movement in reporting period**
**At the end of reporting period**
Permanent endowment
Unapplied total return
**Total**|**Permanent**
**endowment**
**Unapplied total**
**return**
**Total Endowment**
**£000**
**£000**
**£000**
19,094
-
19,094
-
1,718
1,718| |---|---| ||19,094
1,718
20,812
1,279
(1,279)
-
-
900
900
-
1,110
1,110| ||1,279
731
2,010
-
(716)
(716)| ||1,279
15
1,294
20,373
-
20,373
-
1,733
1,733| ||20,373
1,733
22,106| Page 46 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |**Statement of funds - current year**
**Balance at 1**
**April 2023**
**£000**
**Unrestricted**
**funds**
**Designated**
**funds**
Property
acquisition
**5,000**
Community
projects
**1,000**
Property repairs
**800**
**6,800**
**General funds**
Undesignated
unrestricted fund
**3,917**
**Total**
**Unrestricted**
**funds**
**10,717**
**Endowment**
**funds**
Capital reserve
**25,280**
**Restricted funds**
Foodbank
**143**
Grants
**-**
**143**
**Total of funds**
**36,140**|**Income**
**£000**
**-**
**-**
**-**
**-**
**1,743**
**1,743**
**900**
**192**
**73**
**265**
**2,908**|**Expenditure**
**£000**
**-**
**-**
**-**
**-**
**(2,306)**
**(2,306)**
**(500)**
**(245)**
**(73)**
**(318)**
**(3,124)**|**Transfers**
**in/(out)**
**£000**
**(2,000)**
**500**
**300**
**(1,200)**
**1,607**
**407**
**(407)**
**-**
**-**
**-**
**-**|**Gains/**
**(Losses)**
**£000**
**-**
**-**
**-**
**-**
**468**
**468**
**1,282**
**-**
**-**
**-**
**1,750**|**Balance at 31**
**March 2024**
**£000**
**3,000**
**1,500**
**1,100**| |---|---|---|---|---|---| ||||||**5,600**| ||||||**5,429**| ||||||**11,029**| ||||||**26,555**| ||||||**90**
**-**| ||||||**90**| ||||||**37,674**| Page 47 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 **. Statement of funds (continued) Statement of funds - prior year** |**Unrestricted**
**funds**
**Designated**
**funds**
Property
acquisition
Community
projects
Property repairs
**General funds**
Undesignated
unrestricted fund
**Total**
**Unrestricted**
**funds**
**Permanent**
**Endowment**
Endowment Funds
- all funds
**Restricted funds**
Extraordinary
repair funds
Foodbank
Grants
**Total of funds**|_Balance at_
_1 April 2022_
_£000_
_3,000_
_1,000_
_800_
_4,800_
_6,028_
_10,828_
_26,297_
_552_
_-_
_-_
_552_
_37,677_|_Income_
_£000_
_-_
_-_
_-_
_-_
_1,644_
_1,644_
_870_
_-_
_385_
_129_
_514_
_3,028_|_Expenditure_
_£000_
_-_
_-_
_-_
_-_
_(2,088)_
_(2,088)_
_(505)_
_-_
_(242)_
_(129)_
_(371)_
_(2,964)_|_Transfers_
_in/out_
_£000_
_2,000_
_-_
_-_
_2,000_
_(1,239)_
_761_
_(209)_
_(552)_
_-_
_-_
_(552)_
_-_|_Gains/_
_(Losses)_
_£000_
_-_
_-_
_-_
_-_
_(428)_
_(428)_
_(1,173)_
_-_
_-_
_-_
_-_
_(1,601)_|_Balance at_
_31 March_
_2023_
_£000_
_5,000_
_1,000_
_800_| |---|---|---|---|---|---|---| |||||||_6,800_| |||||||_3,917_| |||||||_10,717_| |||||||_25,280_| |||||||_-_
_143_
_-_| |||||||_143_| |||||||_36,140_| Page 48 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **21. Summary of funds** ## **Summary of funds - current year** |Designated funds
Undesignated
unrestricted funds
Endowment funds
Restricted funds|**Balance at 1**
**April 2023**
**£000**
**6,800**
**3,917**
**25,280**
**143**
**36,140**|**Income**
**£000**
**-**
**1,743**
**900**
**265**
**2,908**|**Expenditure**
**£000**
**-**
**(2,306)**
**(500)**
**(318)**
**(3,124)**|**Transfers**
**in/(out)**
**£000**
**(1,200)**
**1,607**
**(407)**
**-**
**-**|**Gains/**
**(Losses)**
**£000**
**-**
**468**
**1,282**
**-**
**1,750**|**Balance at 31**
**March 2024**
**£000**
**5,600**
**5,429**
**26,555**
**90**| |---|---|---|---|---|---|---| |||||||**37,674**| ## **Summary of funds - prior year** |Designated funds
Undesignated
unrestricted funds
Endowment funds
Restricted funds|_Balance at_
_1 April 2022_
_£000_
_4,800_
_6,028_
_26,297_
_552_
_37,677_|_Income_
_£000_
_-_
_1,644_
_870_
_514_
_3,028_|_Expenditure_
_£000_
_-_
_(2,088)_
_(505)_
_(371)_
_(2,964)_|_Transfers_
_in/(out)_
_£000_
_2,000_
_(1,239)_
_(209)_
_(552)_
_-_|_Gains/_
_(Losses)_
_£000_
_-_
_(428)_
_(1,173)_
_-_
_(1,601)_|_Balance at_
_31 March_
_2023_
_£000_
_6,800_
_3,917_
_25,280_
_143_| |---|---|---|---|---|---|---| |||||||_36,140_| ## **22. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|**Unrestricted**
**funds**
**2024**
**£000**
3,689
7,936
82
(469)
(209)
11,029|**Restricted**
**funds**
**2024**
**£000**
-
-
90
-
-
90|**Permanent**
**Endowment**
**funds**
**2024**
**£000**
4,449
22,106
-
-
-
26,555|**Total**
**funds**
**2024**
**£000**
**8,138**
**30,042**
**172**
**(469)**
**(209)**| |---|---|---|---|---| |||||**37,674**| Page 49 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **22. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior period** |Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|_Unrestricted_
_funds_
_2023_
_£000_
_3,751_
_7,508_
_47_
_(374)_
_(215)_
_10,717_|_Restricted_
_funds_
_2023_
_£000_
_-_
_-_
_143_
_-_
_-_
_143_|_Permanent_
_Endowment_
_funds_
_2023_
_£000_
_4,468_
_20,812_
_-_
_-_
_-_
_25,280_|_Total_
_funds_
_2023_
_£000_
_8,219_
_28,320_
_190_
_(374)_
_(215)_| |---|---|---|---|---| |||||_36,140_| ## **23. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income/expenditure for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
(Gains)/losses on investments
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Lease interest payable
Loan interest payable
**Net cash used in operating activities**
**24.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**|**2024**
**£000**
**1,534**
**441**
**(1,750)**
**(1,020)**
**12**
**9**
**93**
**23**
**8**
**(650)**
**2024**
**£000**
**77**
**77**|_2023_
_£000_
_(1,537)_| |---|---|---| |||_397_
_1,951_
_(1,152)_
_(28)_
_(22)_
_(14)_
_22_
_9_| |||| |||_(374)_| |||_2023_
_£000_
_74_| |||| |||_74_| Page 50 ## WALTON ON THAMES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **25. Analysis of changes in net debt** |Cash at bank and in hand
Debt due after 1 year|**At 1 April**
**2023**
**£000**
**74**
**(80)**
**(6)**|**Cash flows**
**£000**
**3**
**-**
**3**|**At 31 March**
**2024**
**£000**
**77**
**(80)**| |---|---|---|---| ||||**(3)**| ## **26. Other Assets** - No account has been taken in the Balance sheet for the following assets: - a) Poor's Allotment Charity - land in Walton on Thames Surrey, said by the Charity Commission Scheme of 22 February 1963 to be vested in the Official Custodian for Charity. - b) The Almshouses Charity - land situated at Walton on Thames Surrey, forming the site of the Almshouses, formerly belonging to United Charity (the Almshouses Charity) having frontage to Hersham Road, known as "Mayfield" Hersham Road. - c) Common Plat Non-Ecclesiastical Charity - the right half of the clear yearly income of the Charity, consisting of the property constituting the endowment of the original Common Plat of Plat Charity. - d) Charity of Henry Smith - the right to a yearly sum £7.4k (2023: £7.4k). - e) The Trustees understand that the land, including that referred to above, in the ownership of the Charity at 31 March 2004 totals 130.12 acres or thereabouts. ## **27. Operating lease commitments** At 31 March 2024 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows: |Not later than 1 year
Later than 1 year and not later than 5 years|**2024**
**£000**
**23**
**-**
**23**|_2023_
_£000_
_35_
_23_| |---|---|---| |||| |||_58_| The following lease payments have been recognised as an expense in the Statement of Financial Activities: ||**2024**|_2023_| |---|---|---| ||**£000**|_£000_| |Operating lease rentals|**35**|_22_| Page 51