OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-03-31-accounts

Welcome f the past year has taught us one A particular achievement has been the thing, it’s that we need each other development of our first brand new now more than ever. Rising living almshouses for many years. Designed costs have continued to outpace I wages, and this is reflected in the increased demand for Walton Charity’s support services.

A particular achievement has been the development of our first brand new almshouses for many years. Designed for essential key workers, Grantchester Place opened in November 2024, increasing the number of people housed across our three almshouses this year to 122. A further eight almshouse properties at Lambert Place became available to key workers in April 2025.

2024-25 saw our foodbanks distribute 5,374 food parcels, the highest number on record. Of these, 2,089 food parcels were given via our pilot initiative The Bridge, a community hub offering targeted assistance to working families.

Our green spaces, too, provided a vital space for the Elmbridge community, with 3,940 people using them to grow, learn, and access nature, including a new dedicated space for community groups.

We provided £674,144 in grant funding to benefit our community, 85% of which went to partners supporting local children and families. Our community also came together to meet these challenges, and as a result our appeals have raised an impressive £42,790 this year, which went towards helping local families.

We hope that this report can offer something for everyone – and, most importantly, serve as a reminder of what can be achieved when a community comes together.

Charity administration

Board of Trustees/company directors

Chair of Trustees

Trustees

Ms Sarah Tomkins

Mr David Easson Mrs Lindy Fozard Mrs Jessica Harris Mrs Laura Yates Ms Louise Cox

Ms Hayley Lyons (appointed 14 May 2024) Mr Darren Bayley (appointed 14 May 2024) Mr Charles Prescott (appointed 15 May 2025) Mrs Kellie Scott (resigned 11 July 2024) Mr Paul Tajasque (resigned 25 July 2024)

Vice Chair of Trustees

Ms Alexandra Fitzpatrick

Chair of Finance & General Purposes Committee Ms Alexandra Fitzpatrick (until 15 May 2025) Mr Jeremy Parkes (from 15 May 2025)

Chief Executive

Mr Rob Mills

Chair of Grants Committee

Company Secretary Mrs Abigail Riehl

Mrs Elizabeth Kennedy

Sarah Tomkins, Chair of Trustees Rob Mills, Chief Executive Officer

Banker

Reporting charity

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

Walton on Thames Charity 1185959

Auditor

Linked charity

Menzies LLP Heathrow, Magna House, 18/32 London Road, Staines-Upon-Thames, Surrey TW18 4BP

Walton on Thames Charity 1185959-1

Company registration number 12202541

Principal solicitors

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

Regulator of Social Housing registered number A0157

Penningtons Manches Cooper, 125 Wood Street, London EC2V 7AW

Surveyor

Curchod & Co LLP, Portmore House, 54 Church Street, Weybridge, Surrey KT13 8DP

Walton on Thames Charity is alternately referred to as ‘Walton Charity’ or ‘the Charity’ within this report.

Investment manager

Cazenove Capital, 1 London Wall Place, London EC2Y 5AU

Registered address

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

02 Walton Charity

Trustees’ Annual Report 2024-25

03

Walton Charity’s OBJECTIVES & ACTIVITIES

alton Charity was formed from an amalgamation of 11 charities, which W 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 in Hersham, (registered charity number 1131361).

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

the Charity Commission), are inhabitants of the Area of Benefit at the time of their appointment.

The ‘Area of Benefit’ shall mean the Ancient Parish of Walton-on-Thames

Trustees’ Annual Report 2024-25

05

and, subject thereto, elsewhere in the Borough of Elmbridge.

on-going trustee development is addressed through presentations at meetings and circulation of briefings.

Trustees are ultimately responsible for the overall control and strategic direction of the Charity. Operational day-to-day management is delegated to the Chief Executive and the senior management team, who are accountable to the trustees.

Through planning, monitoring, and reviewing, the trustees have due regard for the impact of the services provided by the Charity. They follow Charity Commission guidance and have adopted the Charity Code of Governance, including undertaking a self-assessment against the Code. Trustees actively seek to ensure that resources are maximised for the benefit of those in need in the Charity’s ‘Area of Benefit’.

The Board of Trustees agree the Charity’s plans and budgets, and monitors these through regular meetings and reports. The board meets at least six times a year, and has a committee structure to scrutinise key areas. On appointment, new trustees receive an induction, and

(opposite) Local tree warden Rod, at our Tree Canopy Project

A volunteer restocks at our weekly foodbank session at St. Peter’s Church, Hersham

----- Start of picture text -----
Trustees’ Annual Report 2024-25 07
----- End of picture text -----

06 Walton Charity

----- Start of picture text -----
08 Walton Charity
----- End of picture text -----

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.

Trustees’ Annual Report 2024-25

09

OUR PRIORITY AREAS

Poverty Alleviating financial poverty and hardship

Health

Promoting personal health and wellbeing

Housing

Promoting affordable housing for all ages

Education

Improving educational attainment

OUR VALUES

Independent Bold

Influential Open-minded Forward-thinking

----- Start of picture text -----
Trustees’ Annual Report 2024-25 11
----- End of picture text -----

10 Walton Charity

1

OUR STRATEGIC PRIORITIES

Raising awareness of and engaging our community in the local issues of poverty and inequality

2

5

Always acting With integrity as an employer and a charity, being honest partners and responsible stewards of the Charity’s assets

Working with our partners to reduce the causes and symptoms of child poverty in Elmbridge

Using the Charity’s property, land, and estates to create greater social value for local people and communities 4

Enabling more local people to live in decent homes they can afford

3

OUR ACHIEVEMENTS & PERFORMANCE 2024-25

£42,790

122

was raised through match-funded Bridge and Christmas local people were housed across our appeals almshouses £674,144

of funding was committed across our priority areas of poverty, health, housing, and education

----- Start of picture text -----
5,099
----- End of picture text -----

hours of volunteer time supported our work at The Bridge, Foodbank, and our green spaces 121

----- Start of picture text -----
85%
----- End of picture text -----

local families received support through The Bridge

----- Start of picture text -----
of grants to our
community partners
supported local
children and families
5,374
----- End of picture text -----

3,940

local people used our community green spaces

food parcels given through Walton & Hersham Foodbank and The Bridge

wAityI & Foodbank Open FINANCIAL°¢, POVERT.Y.- HARDs￿p . £M6rg8ncy food for LOGA( P8opl6 (n 6risiS £¥ the trust .. Trusteég Atiriuth Repoit 2024-25, ¥-. .

his year saw Walton & Hersham Foodbank – part of Walton Charity since 2022 – distribute a T staggering 5,374 food parcels, our highest number on record. Since 2022-23, the number of people our foodbanks feed has risen by over 40%.

This reflects the growing impact of the cost of living crisis, which continues to affect families across Elmbridge. Our own research has found that in-work poverty is particularly prevalent within the borough, as the price of essentials continues to outpace wages.

Our community have been outstanding in coming together to support those struggling financially. Our dedicated team of volunteers gave a total of 4,891

hours of their time over the past year, ensuring that users of our foodbanks could continue to access a vital service.

In summer 2024, we launched our appeal for The Bridge, our pilot initiative targeted towards supporting working families. As part of the appeal, two groups volunteered to embark on the Thames Bridge Trek. They walked 25km, crossing 16 of London’s bridges and raising £6,058. Our appeal ultimately raised an astonishing £15,052, which was match-funded by Walton Charity to total £30,104.

Our volunteer team complete the Thames Bridge Trek as part The Bridge Appeal

At an event celebrating the appeal, the team reflected on their achievements. “When I got home, I thought about how many thousands of pounds were raised for charity”, volunteer and veteran trekker Jeanette remembered; “it was

“I thought about how many thousands of pounds were raised for charity”

Milbourne Lodge pupils donated over a whopping 450 Easter eggs in 2025

Walton Charity

18

Trustees’ Annual Report 2024-25

19

just a jolly good feeling”. For our Foodbank Manager Nina, the trek’s toll only became apparent once she finally crossed the finish line; “The worst bit was walking back to the tube – that was hard work!”.

donations from the wider public during our food drives at Morrison’s, Waitrose, and Tesco.

Terry, a resident of one of our almshouses who sadly passed away in 2025, contributed in his own inventive and unique way. Having originally set out to share some of his homecooked recipes with his sister and niece, the project grew into something more significant when Terry realised that the recipes could be useful for a wider audience as well. Terry enlisted the help of our Green Spaces Manager Karen, ultimately leading to the creation of Terry’s Tasty Tips , a cookbook which he shared

We received a seasonal boost at harvest time, with over 2,500kg of food donated from local churches and schools. A special shout-out deserves to go to St. George’s and Cleves Schools, who each donated around 300kgs each! The pupils of Milbourne Lodge, a local prep school, also kindly donated over 1,000 Easter eggs in the course of two appeals in 2024-25. Throughout the year we also received

Terry presents his Terry’s Tasty Tips , (top left) a recipe book for Decorating pumpkins all ages at Claygate Youth Hub

with local charities supporting vulnerable people. The book is now included in every welcome pack that local homelessness charity Rentstart’s clients receive, as a fun and accessible way to learn about healthy eating.

In 2024-25, we awarded 36 grants totalling £263,095 to alleviate poverty for local individuals and families. This included funding for a debt and benefit advice, a winter night shelter, and employability and learning support for those struggling financially.

Through our Delegated Funds programme, we also awarded a total of £106,000 to 17 local partners, to help local people struggling to make ends meet. Thanks to funding from Elmbridge Borough Council, for example, some fundholders helped local working people who were in financial difficulty but were not eligible for any other government support.

One school fundholder for this In-Work Cost of Living Support Fund said: “One member of staff works seven days a week (he has [an extra] cleaning job over the weekend), and was very pleased that I approached him about this support. He shared how difficult it was finding the money to pay for utilities, and that the funding would make a huge difference to his family. The In-Work Fund has made such a huge difference to our staff and it has provided a deeper insight into how difficult daily life is for so many of our staff”.

20 Walton Charity

Trustees’ Annual Report 2024-25

21

Promoting personal health & wellbeing

veryone defines their health and wellbeing individually, with various physical, mental, and social aspects E meaning different things to different people.

Something we can all agree on, however, is how central health and wellbeing is to leading a full and happy life. Nowhere is this more evident than in Walton Charity’s almshouses. Many of our independent living residents take advantage of activities and social events dedicated to improving their wellbeing.

In 2024, a group of residents took part in a community project run by RHS Wisley, in which they explored the healing powers of plants, gardens, and nature, that historical botanical encyclopaedias reveal in the modern day. Each of our resident artists recalled their own connections with

22 Walton Charity

Trustees’ Annual Report 2024-25

23

particular plants, and had the chance to make a cyanotype print with a cutting of their favourite plant and other prized possessions. The resulting artworks were displayed during a five-month long exhibition, held at Wisley, entitled “What is a Modern Day Herbal?”.

“I want our descendants to have trees around them”

We were also thrilled to have been chosen to be Squires Long Ditton’s Charity of the Year. This led to multiple fundraising events including our Plantathon, in which our staff and almshouse residents created beautiful planters containing herbs, pansies, violas and daffodil bulbs. Each of these planters sold for £12, raising a total £430 for the Charity.

We are also lucky enough to have many local businesses and companies eager to pitch in and help keep our green spaces well-maintained. In 2024-25, 40 people from local companies gave more than 208 hours of volunteer time, as well as

Our team takes part in the Squires Plantathon

supporting our fundraising activites and appeals.

growing fruit and vegetables. Our Tree Canopy Project is particularly diverse, with groups and activities including a forest school, guided wellbeing group, and the Elmbridge Tree Wardens all using the space.

(previous page) Our resident artists get creative at RHS Wisley

For Janette, our Corporate Partnership Manager, these corporate volunteering days have reciprocal benefits; they are not only “a great way to show how your organisation plays a positive and active part in helping your community”, but they also “boost team cohesion, with employees engaging in meaningful work outdoors, and gaining new perspectives and relationships”.

“We are lucky enough to have many people from across Elmbridge deeply invested in our green spaces,” said Andrew, Walton Charity’s new Land and Estates Manager, “from our community allotments to the Tree Canopy, there’s truly something for everyone, no matter your age or interests”.

Volunteers from a local business get stuck in

Over the course of 2024-25, 3,940 local people used our community green spaces for an extensive variety of purposes, including exercise, socialising, and

The Elmbridge Tree Wardens work across the borough to get trees and hedges

Walton Charity

24

Trustees’ Annual Report 2024-25

25

planted, alongside surveying and preserving our existing trees –making vital contributions to the area’s biodiversity. With Surrey being England’s most wooded county, the wardens are not short of work. Rod, a long-standing tree warden, undertakes the work for the benefit of future generations; “I want our descendants to have trees around them”, he said, noting that we’re “too keen to chop them down, and not keen enough on planting more”.

changing, and we realise how much they can do.” As Rod reminds us, trees aren’t just important in capturing carbon dioxide; they can also “provide shade and air conditioning in extreme weather, and potentially even help with flood risk”.

In 2024-25, we awarded £191,449 in grants to support health and isolation projects across Elmbridge, including core funding for two local charities – one supporting parents with small children, and one working with refugees. We were also delighted to contribute towards the funding of a new women’s hub in Elmbridge.

For fellow volunteer Portia, these perceptions have been changing; “the value of trees has been recognised as our climate and world has been

Tree wardens label saplings at our tree nursery

----- Start of picture text -----
Trustees’ Annual Report 2024-25 27
----- End of picture text -----

Walton Charity

26

----- Start of picture text -----
PROMOTING
AFFORDABLE
HOUSING
28 Walton Charity
----- End of picture text -----

ive years ago, the pandemic forced a reassessment of how we value key workers at all levels of society, with some of F the lowest-paid jobs proving to be the most vital. Yet many key workers remain undervalued and struggling financially. A 2025 report by Shelter found that for a newly-qualified nurse, the average rent for a one-bedroom home is unaffordable in a staggering 93% of local authorities in South-East England.

We wanted to change this. Walton Charity allocated two of our newly-built almshouses in Hinchley Wood, Esher specifically for local key workers, guaranteeing them an affordable, stable home. One resident, who has been a key worker for 14 years, found her previous housing unsuitable for her and her two sons. “It wasn’t nice and homely where I was before”, she remembers; “I never had a communal area, never had a balcony, never had anywhere to go outside. I’d

(opposite) Our team welcomes a new resident to our key worker almshouses

The original cottages at our Mayfield site, c.1902

Trustees’ Annual Report 2024-25

29

“It makes the family happier, it’s so much bigger here”

building compliance with fire safety regulations – a disruption which our residents have been kindly tolerant of throughout.

"We are lucky to have such an active and engaged almshouse community", says Charlotte, Walton Charity's Head of Housing and Property Services. "All our staff and residents make a real effort to welcome incoming residents and help them find their way in their new homes."

always have to go out and spend money all the time. In my old place I had issues with damp and leaks, and it never got fixed”.

Now, her fresh surroundings offer a new way of life; "In my old flat, I would be sitting in on nice days. Now I can sit outside when it’s sunny, with my boys kicking a ball around and jumping on the trampoline. It makes the family happier, it’s so much bigger here".

To further extend available key worker housing, Walton Charity has also purchased eight newly-built one-, twoand three-bedroom flats in Thames Ditton, with a view to welcoming new residents later this year.

Almshouses are the oldest form of social housing, originating in the early medieval times as a way to help

knights returning from the Crusades. Almshouses' longevity are testament to their remarkable benefits, with research finding that those who move into almshouses can see their life extended by up to two and a half years!

We are proud to have housed 153 people across our almshouses over the course of this year. This is a far cry from our first almshouse, built over 250 years ago in 1774, which housed only around 14 residents.

Today, residents of our Mayfield and Fenner independent living almshouses enjoy regular social events and gatherings, including a fish & chips night, summer BBQ, and Christmas meal. A large undertaking at these almshouses this year has been refurbishment works, to ensure

(top left) Eight fresh homes exclusively for key workers

Moving-in day for our new residents

30 Walton Charity

Trustees’ Annual Report 2024-25

31

MALCOLM’S STORY

t 69 years old, Malcolm has a busier social calendar than ever. He can be found at the local Hersham A Sports and Social Club several times a week; “I go for music night on a Tuesday, Wednesday for bingo, and sometimes Friday for Blues Club”.

Having moved into one of the 53 flats in Walton Charity’s Mayfield almshouse little over a year ago, Malcolm found this social aspect to be the biggest draw in making the change to a new home.

“I lost my wife Teresa three years ago, and was living in the family house for 2 years on my own. I didn’t have any friends at all really, because I didn’t need anyone else; me and my wife did everything together. I ended up feeling very lonely and isolated.”

32 Walton Charity

Trustees’ Annual Report 2024-25

33

Malcolm knew he wanted to make a change, but needed to find somewhere where he could be surrounded by friends. “It would have been”, he says, “pointless moving out of the house and into somewhere where I’m still isolated, and shut the curtains and turn the lights off when it gets dark.” After a suggestion from his GP, he discovered our almshouses, and quickly applied online.

Not long after that, he says, one of our Residential Officers “interviewed me and showed me this flat, and they offered it to me a week later”. Although he was eager to move into his flat, he still felt slightly apprehensive on his first day at Mayfield.

His new neighbours quickly made him feel at home, however. “It was strange the first day, but everyone comes up to you and introduces themselves”, he remembers. “I’m quite an outgoing person, so from a

“It’s not somewhere you come to just socialise and sleep: it’s your home”

(top right) Malcolm shows us his garden decorations

The communal gardens at our Mayfield site

social point of view I already knew many friends and acquaintances.”

The moving-in process itself was smooth, given that the flat was “spick and span” when he came to it: “I just popped my furniture in, and that was it”.

His favourite thing about living at Mayfield? The garden. Malcolm’s flat looks out onto a patio and flowerbeds which he uses and maintains, and which is part of the almshouse’s larger communal gardens. “When I came here”, he remembers, “I was told, ‘that’s your little bit out there’”. In the summer, he’s now rarely inside, “If it’s dry and sunny all the time, I don’t come in. It’s an extension of

your home”. While in the garden, his neighbours often pop by, “people come and have a chat with me, and sit down for a beer or a coffee”.

Does he have any advice for someone who may be considering an application to our almshouses? Just come and say hello! “Even if you want to come to the coffee mornings and meet people first, everybody’s friendly. There’s no cliques, and everybody includes you.”

He has quickly become attached to his new surroundings, and speaks touchingly about becoming settled here. “It’s not somewhere you come to just socialise and sleep”, he reflects; “it’s your home”.

Walton Charity

34

Trustees’ Annual Report 2024-25

35

IMPROVING EDUCATIONAL ATTAINMENT

very child and young person deserves the best circumstances possible in which to learn: to pursue E newfound passions, hone key life skills, and realise their full potential.

Although we are lucky to have some of the best schools in the country on our doorstep, this learning environment is only one component in a complex puzzle. We recognise that additional resources can also be vital in aiding educational attainment, leading to the establishment of our Opportunities Fund.

Backpacks and school books available at our pop-up shop

Over 2024-25, we awarded over £80,000 in grants to 23 different schools across Elmbridge through the Opportunities Fund. These funds were used to provide pupils with key equipment such as school uniform and shoes, alongside boosts for extra-curricular activities and school trips. This not only ensured that pupils were not disadvantaged over their more well-off peers, but also helped ease financial pressure on parents.

(opposite) Braving the rain for a class trip

----- Start of picture text -----
Trustees’ Annual Report 2024-25 37
----- End of picture text -----

36 Walton Charity

of our pupils by enhancing their educational experience and supporting their wellbeing,” states Danielle, Assistant Headteacher at Cardinal Newman Catholic Primary School. “This academic year we have used the fund to allow all pupils access to enrichment activities”. The fund has also had knock-on benefits for their families; giving children “a safe and structured environment before and after school also supported parents and carers to maintain employment, by knowing that their children are being cared for in a nurturing setting”.

Throughout the year, we awarded 26 grants totalling £197,600 towards improving educational attainment. In addition to the £80,000 awarded to local schools in the form of Opportunities Funds, the Charity also funded a Home-School Link Worker post, parenting courses, and funding for a residential trip to support vulnerable students struggling academically. The Jamie’s Farm residential trip was a particular highlight, with one pupil saying that “this was the best week of my life so far,” and another commenting, “I was scared to go on this trip, but it taught me to break out of my comfort zone, that I can talk to people, and I learnt so much”.

Accepting donations from a local family

(bottom left) A volunteer for Stripey Stork sorts donated school uniforms

2024 saw the creation of a forest school at the Tree House in Hersham, a property owned by Walton Charity. By our leasing the property and land to the preschool at a low rent,

“[The Opportunities Fund] has made a significant difference in the lives

Burwood Preschool were able to pass this saving on to local parents, taking pressure off local families on low incomes.

----- Start of picture text -----
38 Walton Charity
----- End of picture text -----

In August 2024, we also partnered with Stripey Stork, a local charity supporting families, to host our first ever pre-loved school uniform pop-up shop. In one day, we provided 77 children with highquality, free items of clothing. We also prevented hundreds of clothing items from ending up in landfill, saving both money and the environment. Of her son, one mum reflected that, prior to getting his uniform, “he really wasn’t looking forward to starting school. Now he has new shoes, he’s walking proudly with them on.”

“The fund has made a significant difference in the lives of our pupils”

Trustees’ Annual Report 2024-25

39

TACKLING CHILD POVERTY Walton Charity Trustee¥ Annual Report 2024-25 | 41

ur Under the Radar report (2022) found that local parents were frequently forced to O choose between cutting their working hours and paying for expensive childcare, with a shocking 75% of children in poverty coming from working families. For Walton Charity, tackling child poverty is a purpose which cuts across every team, whether it be housing, grants, green spaces, or foodbanks.

Through our grants programme, we have awarded a total £674,144 to our community partners, 85% of which went directly towards supporting local children and families.

One such partner is Elmbridge CAN, a charity welcoming and supporting people fleeing terror in their home

countries, to whom we awarded core grant funding of £45,000. As of 2024, they were supporting over 270 families across Elmbridge through regular drop-in hubs and English classes, employment mentoring, homework help for children, social events, provision of furniture and equipment and much more.

A range of food options is available at The Bridge

“A joyful and meaningful part of the week for many families”

We are also funding BRITE Box, to which

(top left) Brothers join forces to prepare a recipe from BRITE box

we awarded £65,000 over three years, starting in 2023. This project sends recipe kits comprising all the necessary ingredients alongside an illustrated recipe to families, enabling them to make fun, healthy meals on a budget.

Marie-Anna, Project Lead at BRITE Box, said that the recipe kits have become “a joyful and meaningful part of the week for many families. Parents tell us they’re cooking more confidently, trying new ingredients, and enjoying quality time with their children in the kitchen”.

(prev. page) Stripey Stork volunteers show

A girl with her newlydonated keyboard from Elmbridge CAN

us their favourite donations

Walton Charity

42

Trustees’ Annual Report 2024-25

43

For Christmas 2024, we worked in partnership with Stripey Stork to provide Christmas presents for Elmbridge children. Through donations we received over £6,000, enabling us to donate a total of £12,686 to Stripey Stork. £7,550 was spent on Christmas bundles & gifts for 486 Elmbridge children, while the remaining funds will support local families throughout 2025.

For Lower Green Community Centre, our support has helped enable them to offer vital services to local residents. “I am incredibly proud of everything we have achieved at the Community Centre and the services we’ve been able to offer thanks to our partners – such as Walton Charity – and our dedicated team of staff and volunteers”, said Stuart, Chair of Trustees for Lower Green Community Centre.

“We have expanded initiatives like our advice cafe and community fridge; we have worked with local partners to increase support for local families and people in crisis; and we have offered a warm space and listening ear for anyone who needs it.”

Making friends at the Lower Green Community Centre

44 Walton Charity

Trustees’ Annual Report 2024-25

45

WORKING IN PARTNERSHIP

Enabling and facilitating

Charities House

Walton Charity is one of the oldest charities in the country, with over 800 years’ experience of meeting the evolving needs of our community.

Charities House is home to Walton Charity’s main office, and also provides our partners with high-quality low-cost office space and rooms for training, client interviews and meetings for the benefit of the community.

Our role is to facilitate and enable highimpact initiatives by providing our partner organisations with grants, facilities, and resources.

Our partners at Charities House are:

The Bridge won Best Community Impact Business of the Year 2024 at Walton Business Awards

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.

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.

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.

Live Local, Work Local, Give Local

Walton Charity provides businesses and corporate partners with meaningful opportunities to support our local community.

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

In 2024-25, 40 people from local

companies gave more than 208 hours of volunteer time, as well as supporting our fundraising activites 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), Surrey Heartlands Integrated Care Board with Surrey CC (Mental Health Investment Fund), and the Trussell Trust.

46 Walton Charity

Trustees’ Annual Report 2024-25

47

COMMUNITY GRANTS AWARDED

Over the last year, we have awarded over £480,000 in community grants to 18 different organisations.

reporting requirements are simple and meaningful. We are committed to making a significant proportion of our funding available for unrestricted and/or multi-year grants.

Our grants approach

Walton Charity is a place-based funder committed to tackling poverty and inequality in Elmbridge. We award community grants to organisations addressing poverty in our local area, and give funds to local charities and schools who are supporting families and individuals living on a low income. Through our community grants programme, we fund project and core costs and are keen to support organisations in other areas such as evaluation and capacity-building through our funder plus programme.

360Giving

We believe that with better information, grant makers can be more effective and strategic decision makers. We work with 360Giving to openly publish information about our grants.

Flexible funding

As an IVAR Flexible Funder, we are committed to open and flexible grantmaking, ensuring our application process is straightforward and our

Organisation Project name Grant amount
All Aboard Club CIC Inclusive play sessions £4,900
Chandlers Field Primary
School		 Relational support worker £6,000
Citizens Advice Elmbridge
West		 Specialist support for complex debt
and beneft cases		 £35,000
Claygate Youth and
Community Hub		 Stafng costs £30,000
Cleves Primary School Partnership Home School Link Worker £57,600
Elmbridge Borough Council Partnership Fund 24/25 £20,000
Elmbridge Borough Council KT One-Two Football Project £1,500
Elmbridge CAN Stafng costs £45,000
Elmbridge Family Centre Stafng costs £36,000
Families Thriving Together Parenting Programmes £30,000
Home-Start Elmbridge Core funding £60,000
SATRO Vocational Construction at NESSS £15,000
St Peter's Church West
Molesey		 Molesey Churches Night Shelter £15,000
Stripey Stork Santa Stork £12,686
Surrey Lifelong Learning
Partnership		 Walton Community Learning Hub &
Advice Café		 £49,000
The Bridge Bridge appeal £15,052
The Counselling Partnership Stafng costs £10,000
Three Rivers Academy Jamie's Farm £15,000
Voices of Hope Elmbridge Women's Hub £25,000

48 Walton Charity

Trustees’ Annual Report 2024-25

49

Our Elmbridge At our core, Walton Charity cares. Being part of Elmbridge in one form or another for centuries, we are intimately connected with our local community.

We are one of the oldest charities in the country. Incredibly, we can trace our roots back to the early 13th Century, predating Magna Carta, and back when Genghis Khan was still ruling the Mongol Empire!

The Apps Court Charity, established in 1212, required to “distribute alms and give one barrel of ale” to local people. Although we no longer give out free barrels of beer, much of what we do has not changed over the past 800 years – providing housing, green spaces, and funds for the benefit of our local community.

COMMUNITY BUILDINGS

SOCIAL HOUSING

----- Start of picture text -----
ALLOTMENTS
----- End of picture text -----

50 Walton Charity

Trustees’ Annual Report 2024-25

51

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 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”), is 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 forward-thinking, 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, equity and inclusion statement and action plan.

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 longerterm aim is to become carbon neutral, noting the external dependencies in achieving this aim.

As Walton Charity increases its incomegenerating 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.

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.

52 Walton Charity

Trustees’ Annual Report 2024-25

53

The total of donations, fundraising and grant income for the year is £301K, highlighting positive support from businesses, the community and through our campaigns.

Regulator of Social Housing (RSH)

As a registered housing provider we are regulated by the RSH, but as a small provider, we are not subject to a regulatory judgement from them.

Tenant Satisfaction Measures (TSM)

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 aim of the TSMs is 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.

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 2024-25, Walton Charity received nine complaints, as detailed below.

No complaints were escalated to either the Housing Ombudsman or the Fundraising Regulator.

2023-24 2024-25
Independent living 20 5
Green spaces 2 1
Foodbank 1 1
Head ofce 1 1
Third party 1 1*

*Stage 2 complaint

The stage 2 complaint was due to noise disturbance from one of our community group activities. Walton Charity worked with the third party to alleviate the impact of the activities going forwards.

Walton Charity received 87 compliments during the year (2023-24: 46).

TSMs collected from tenant perception surveys

TSMs collected from tenant perception surveys TSMs collected from tenant perception surveys TSMs collected from tenant perception surveys TSMs collected from tenant perception surveys
Code Issue 2023-24
results		 2024-25
results
TP01 Overall satisfaction 78% 88%
TP02 Satisfaction with repairs 80.5% 73%
TP03 Satisfaction with time taken to complete most recent repair 85.2% 56%
TP04 Satisfaction that the home is well maintained 78.6% 78%
TP05 Satisfaction that the home is safe 73.8% 88%
TP06 Satisfaction that the landlord listens to tenant views and acts upon them 62% 70%
TP07 Satisfaction that the landlord keeps tenants informed about things that
matter to them		 65.9% 72%
TP08 Agreement that the landlord treats tenants fairly and with respect 71.4% 80%
TP09 Satisfaction with the landlord's approach to handling complaints 43.8% 55%
TP10 Satisfaction that the landlord keeps communal areas clean and well
maintained		 70% 79%
TP11 Satisfaction that the landlord makes a positive contribution to
neighbourhoods		 60.5% 76%
TP12 Satisfaction with the landlord's approach to handling anti-social behaviour 50% 81%
TSMs generated from management information TSMs generated from management information TSMs generated from management information TSMs generated from management information
Code Issue 2023-24
results		 2024-25
results
CH01 Complaints relative to the size of the landlord 190 complaints
per 1000
properties
47 complaints
per 1000
properties
CH02 Complaints responded to within Complaint Handling Code timescales 83% 100%
NM01 Anti-social behaviour cases relative to the size of the landlord 67 ASB cases
per 1000
properties		 37 ASB cases per
1000 properties
RP01 Homes that do not meet the Decent Homes Standard 0% 0%
RP02 Repairs completed within target timescale 100% 96%
BS01 Gas safety checks 100% 100%
BS02 Fire safety checks 100% 100%
BS03 Asbestos safety checks 100% 100%
BS04 Water safety checks 100% 100%
BS05 Lift safety checks 100% 100%

54 Walton Charity

Trustees’ Annual Report 2024-25

55

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 net gain from charitable activities of £24K.

Depreciation costs were £447K, and there was a loss on investments of £568K.

The total loss for the year was £544K.

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 (2022-2027), 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 five-year financial forecasts are reviewed by trustees on an annual basis.

One of the key aspects of the Charity’s 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 £17,799K . 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 nonexpendable 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 three separate investment accounts, one for the

permanent endowment, one for the expendable funds (non-permanent endowment), and one as a cash deposit. Both permanent and expendable funds are invested in Cazenove’s Charity Sustainable Multi Asset Fund (SMAF). The SMAF is designed for charities who want to align their investments with their charitable mission and invest for a better future. Our 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 497 other charity investors, representing £2.3bn 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 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 ACI. 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 4.7% per annum versus 4.0% for the ARC Steady Growth Index (1.0% and 2.7% respectively over the fiscal year).

Five-year performance of the Sustainable Multi-Asset Fund (SMAF)

Following the reporting period, markets have become more volatile due to

56 Walton Charity

Trustees’ Annual Report 2024-25

57

concerns over the potential impact of trade tariffs on the US economy. Geopolitical shocks can cause periods of volatility and lead to short-term declines in the value of investments. As long-term investors, we believe it is important to remain invested through periods of uncertainty to benefit from the potential for stronger returns over time.

The investment portfolio remains diversified across asset classes, regions, and sectors. The Charity maintains a separate cash reserves portfolio with its investment manager to meet shorter term liabilities.

Cazenove publish an impact report each year, which evaluates the positive social impact the fund has made through both capital allocation and active engagement. 32% 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 83% lower carbon footprint than global equity markets based on scope 1 and 2 reported emissions.

Source: Data shown reflects the notional aligned outcomes calculated for the positions held in The SUTL Cazenove Charity Sustainable Multi-Asset Fund (referred to as the 'Fund' or 'SMAF' in this report) based on the value of assets as at the 31 December 2024. The positive outcomes are generated by the companies that we invest in and the users of their products and services, like the organisations that have helped improve access to healthcare, finance and education and the people who choose to switch to renewable energy. Investors in the SMAF are aligned with these outcomes by investing in a company’s activities generally but do not finance any particular activity, product or service that a company may undertake or make available. We use the most up to date underlying data available as reported by the companies

and fund managers in which we invest to estimate these metrics, and apportion it according to our holding size. Where data is not available estimates may be used. Metrics provided, in part by Net Purpose.

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 (nonpermanent endowment). Any additional requirements will be drawn down from the unapplied total return part of the nonexpendable 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 £18,126K as at 31 March 2025, 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 the following amendments to the permanent endowment:

The Charity’s total permanent endowment funds at 31 March 2025, are therefore £26,915K, which consists of the following:

Reserves policy and designation of funds

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

Reserves policy

Trustees have agreed a target for unrestricted reserves of 12 months’ running costs, currently in the region of £3,000K.

58 Walton Charity

Trustees’ Annual Report 2024-25

59

Designation of funds

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

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.

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.

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.

While the Charity cannot operate free of risk, it is imperative that the risks are known, managed, and monitored. During the year, trustees developed risk appetite ranges for the five key areas of risk. This is to enable trustees to make informed decisions on risk within these ranges. 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

During 2024-25 the two major risk priorities (red) that have been identified by the Charity are:

  1. Information technology (16)

  2. Individuals at risk from harm (16).

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 twoform authentication protocol, and offers extensive IT training for staff, along with up-to-date firewalls and anti-virus software on all devices. During the year, Walton Charity introduced a mandatory monthly all-staff training programme, Huntress. This is to continually develop staff and trustees’ knowledge of potential IT risks the Charity is exposed to.

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. In 2023, the Charity identified the presence of reinforced autoclaved aerated concrete (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 during the year, we have engaged Podium Surveying to manage an extensive contract with Kincraig Construction to undertake enhancements to the fire compartmentation in our almshouses, along with additional supports to the roof structure. These works are due to be completed in the summer of 2025.

60 Walton Charity

Trustees’ Annual Report 2024-25

61

TRUSTEES’ RESPONSIBILITIES

view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the trustees are required to:

The Charity’s trustees (who are also the directors of Walton on Thames Charity for the purposes of company law), are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Charity’s trustees to prepare financial statements for each year which give a true and fair

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements

The trustees are responsible 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 statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information

included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of disclosure of

information to the auditor

In so far as the trustees are aware at the time of approving our trustees’ annual report, there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the company’s auditor is unaware, and the trustees, having made enquiries of fellow directors and the company’s auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Acknowledgements

The achievements of the Charity are only possible with the support of our board of trustees, volunteers, partners, companies, friends, colleagues, staff and supporters. Our thanks go to all our trustees, staff team, and volunteers who have provided their time, expertise, and dedication over the past year.

We hugely appreciate such enduring support for our collective commitment to the local community.

Signed on behalf of the Board of Trustees,

Sarah Tomkins

Chair of Trustees

Date:

62 Walton Charity

Trustees’ Annual Report 2024-25

63

WALTON ON THAMES CHARITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTON ON THAMES CHARITY

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

Opinion

In our opinion, based on the work undertaken in the course of the audit:

We have audited the financial statements of Walton on Thames Charity (the 'charity') for the year ended 31 March 2025 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:

Basis for opinion

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:

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.

Responsibilities of trustees

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.

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.

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.

64 Walton Charity

Trustees’ Annual Report 2024-25

65

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:

WALTON ON THAMES CHARITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALTON ON THAMES CHARITY (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Janice Matthews FCA (Senior statutory auditor)

for and on behalf of

Menzies LLP

Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP

Date:

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:

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:

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.

66 Walton Charity

Trustees’ Annual Report 2024-25

67

WALTON ON THAMES CHARITY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income and
endowments from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total income and
endowments
Expenditure on:
Raising funds
7
Charitable activities
8,9,10,
11,12
Total expenditure
Net
(expenditure)/income
before net
(losses)/gains on
investments
Net (losses)/gains 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
2025
£000
2
1,576
332
1,910
66
2,197
2,263
(353)
(169)
(522)
(360)
(882)
11,029
(882)
10,147		 Restricted
funds
2025
£000
299
-
-
299
-
321
321
(22)
-
(22)
-
(22)
90
(22)
68		 Permanent
Endowment
funds
2025
£000
-
-
912
912
173
340
513
399
(399)
-
360
360
26,555
360
26,915		 Total
funds
2025
£000
301
1,576
1,244
3,121
239
2,858
3,097
24
(568)
(544)
-
(544)
37,674
(544)
37,130		 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

WALTON ON THAMES CHARITY REGISTERED NUMBER: 12202541

BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
16
Debtors
16
77
Investments
17
2,073
Cash at bank and in hand
106
2,272
Current liabilities
Creditors: amounts falling due within one year
18
(2,889)
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
19
Total net assets
Charity funds
Permanent Endowment funds
Restricted funds
Unrestricted funds
Total funds
20,21,22		 2025
£000
10,983
26,935
37,918
(617)
37,301
(171)
37,130
26,915
68
10,147
37,130		 16
79
-
77
172
(469)		 2024
£000
8,138
30,042
38,180
(297)
37,883
(209)
37,674
26,555
90
11,029
37,674

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

All activities relate to continuing operations.

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 71 to 89 form part of these financial statements.

Sarah Tomkins

(Chair of Trustees) Date:

Alexandra Fitzpatrick

(Vice Chair of Trustees) Date:

The notes on pages 71 to 89 form part of these financial statements.

68 Walton Charity

Trustees’ Annual Report 2024-25

69

WALTON ON THAMES CHARITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

Note
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 (used in)/provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash provided by/(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
24
The notes on pages 40 to 58 form part of these financial statements
71
89		 2025
£000
1,642
1,240
(3,292)
466
(19)
(8)
(1,613)
-
-
29
77
106		 2024
£000
(651)
1,020
(361)
27
(23)
(8)
655
(1)
(1)
3
74
77

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 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.

70 Walton Charity

Trustees’ Annual Report 2024-25

71

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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.

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. Accounting policies (continued)

3.6 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

3.7 Tangible fixed assets and depreciation

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 core charge contributions 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.

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

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.

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
Assets under construction - No depreciation charged during the year

3.8 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.

All expenditure is inclusive of irrecoverable VAT.

3.9 Stocks

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.

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 rate per kilo.

3.10 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.

72 Walton Charity

Trustees’ Annual Report 2024-25

73

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. Accounting policies (continued)

3.11 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.

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Income from donations and legacies

Donations
Grants
Total 2025
Total 2024		 Unrestricted
funds
2025
£000
2
-
2
2		 Restricted
funds
2025
£000
134
165
299
265		 Total
funds
2025
£000
136
165
301
267		 Total
funds
2024
£000
153
114
267

3.12 Operating leases

5. Income from charitable activities

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

3.13 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.

3.14 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.

3.15 Extraordinary Repairs Fund

Independent living maintenance contributions
Other rents
Total 2025
Total 2024		 Unrestricted
funds
2025
£000
1,307
269
1,576
1,412		 Total
funds
2025
£000
1,307
269
1,576
1,412		 Total
funds
2024
£000
1,187
225
1,412

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.

6. Investment income

3.16 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 dividends & interest
Bank interest
Total 2025
Total 2024		 Unrestricted
funds
2025
£000
328
4
332
329		 Endowment
funds
2025
£000
912
-
912
900		 Total
funds
2025
£000
1,240
4
1,244
1,229		 Total
funds
2024
£000
1,226
3
1,229

Investment income, gains and losses are allocated to the appropriate fund.

74 Walton Charity

Trustees’ Annual Report 2024-25

75

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Expenditure on raising funds

Costs of raising income and capital growth

Investment management fees
Total 2025
Total 2024		 Unrestricted
funds
2025
£000
66
66
63		 Endowment
funds
2025
£000
173
173
171		 Total
funds
2025
£000
239
239
234		 Total
funds
2024
£000
234
234

8. Analysis of grants

Local community grants
Total 2024		 Grants to
Institutions
2025
£000
669
595		 Grants to
Individuals
2025
£000
160
195		 Total
funds
2025
£000
829
790		 Total
funds
2024
£000
790

The Charity has made the following material grants to institutions during the year:

The charity has made the following grants to individuals during the year:

Direct Grant
Green Spaces Project
Residential and Tenant grants
Foodbank (Food)
Total 2024		 Unrestricted
funds
2025
£000
5
32
5
-
42
16		 Restricted
funds
2025
£000
-
21
-
97
118
179		 Total
funds
2025
£000
5
53
5
97
160
195		 Total
funds
2024
£000
8
63
8
116
195

Total 2024

9. Analysis of expenditure by activities

Local community support
Total 2025
Total 2024		 Activities
undertaken
directly
2025
Grant
funding of
activities
2025
£000
£000
2,029
829
2,029
829
2,100
790		 Total
funds
2025
£000
2,858
2,858
2,890		 Total
funds
2024
£000
2,890
2,890
Schools opportunities funds
Delegated funds
Community grants
Food bank grants
Total 2025
Total 2024		 Unrestricted
funds
2025
£000
80
106
405
-
591
524		 Restricted
funds
2025
£000
-
-
78
-
78
71		 Total
funds
2025
£000
80
106
483
-
669
595		 Total
funds
2024
£000
77
58
462
(2)
595

76 Walton Charity

Trustees’ Annual Report 2024-25

77

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Other residential expenses
Other staff costs
Rates
Heating & lighting
Printing, postage and stationery
Subscriptions, books & publications
Insurance
Motor and travel expenses
Computer expenses
Telephone
Cleaning
Repairs & maintenance
Legal and professional fees
Auditor's remuneration & accountancy
Sundry expenses
Loan interest payable
Foodbank rent
Lease interest payable
Total 2025
Total 2024		 Charitable
activities
2025
£000
848
447
14
28
19
189
2
9
37
3
35
6
24
200
88
27
5
8
21
19
2,029
2,100		 Total
funds
2025
£000
848
447
14
28
19
189
2
9
37
3
35
6
24
200
88
27
5
8
21
19
2,029
2,100		 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

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Staff costs

2025 2025 2024
£000 £000
Wages and salaries 733 675
Social security costs 65 57
Contribution to defined contribution pension schemes 50 48
848 780
The average number of persons employed by the Charity during the year was as follows:
2025 2024
No. No.
Average employees 26 25
The average number of full time equivalent employees employed during the year was:
2025 2024
No. No.
Average full time equivalent employees 19 18
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2025 2024
No. No.
In the band £70,001 - £80,000 1 1
In the band £90,001 - £100,000 1 1
Pension contribution in respect to those employees were £12.5k (2024: £12.3k).
During the year, five individuals made up key management personnel and received remuneration of £284k (2024 -
£256k).

The above includes restricted foodbank costs totalling £125K. (2024: £131K)

10. Auditors' remuneration

2025 2024
£000 £000
Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 17 14
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above 10 4

78 Walton Charity

Trustees’ Annual Report 2024-25

79

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Trustees' remuneration and expenses

14. Fixed asset investments

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

13. Tangible fixed assets

Cost or valuation
At 1 April 2024
Additions
Reclassification
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Freehold
properties
£000
13,017
1,257
(45)
14,229
5,045
414
5,459
8,770
7,972		 Assets under
construction
£000
-
1,998
45
2,043
-
-
-
2,043
-		 Motor
vehicles
£000
17
-
-
17
13
1
14
3
4		 Fixtures and
fittings
£000
1,617
37
-
1,654
1,455
32
1,487
167
162		 Total
£000
14,651
3,292
-
17,943
6,513
447
6,960
10,983
8,138

Assets under construction represents the acquisition of Lambert Place.

The tangible fixed assets are held in the following funds:

Freehold property
Assets under construction
Motor vehicles
Fixtures and fittings
Total 2025
Total 2024		 Unrestricted
funds
2025
£000
3,596
-
3
29
3,628
3,690		 Permanent
Endowment
funds
2025
£000
5,174
2,043
-
138
7,357
4,449		 Total
funds
2025
£000
8,770
2,043
3
167
10,983
8,139		 Total
funds
2024
£000
7,972
-
4
162
8,138
Cost or valuation
At 1 April 2024
Funds extracted
Gains/(losses)
Other movement
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Main Fund
£000
30,042
(3,539)
(569)
1,001
26,935
26,935
30,042

The investments are held in the following funds:

Main Fund
Total 2024		 Unrestricted
funds
2025
£000
7,678
7,936		 Permanent
Endowment
funds
2025
£000
19,257
22,106		 Total
funds
2025
£000
26,935
30,042		 Total
funds
2024
£000
30,042

Investments are held primarily to provide an investment return for the Charity.

15. Stocks

2025 2024
£000 £000
Foodbank stock 16 16

80 Walton Charity

Trustees’ Annual Report 2024-25

81

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Debtors

Due within one year
Maintenance contributions receivable
Prepayments and accrued income
Current asset investments
Cash deposit investments
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Grants payable		 2025
£000
59
18
77
2025
£000
2,073
2025
£000
44
11
5
2,556
273
2,889		 2024
£000
54
25
79
2024
£000
-
2024
£000
83
16
4
170
196
469

17. Current asset investments

18. Creditors: Amounts falling due within one year

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		 2025
£000
79
(37)
92
134		 2024
£000
110
(68)
37
79

Included within deferred income is an amount of £38k that is due in greater than one year.

Accruals are much higher than usual due to the final Lambert Place purchase cost (£1,772k) and property improvement project (£380k)

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Creditors: Amounts falling due after more than one year

2025
£000		 2024
£000
Mortgage loans
79
Deferred grants
38
Grants payable
54
171		 80
42
87
209

The mortgage loan is secured on properties at 34, 36 and 38 Severn Drive, is repayable by annual installments of interest and capital totaling £9,221, bears interest at 10.50% per annum and is repayable by 2047.

20. Statement of funds

Designated Funds

Designated funds amounting to £5,885k 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 FundsR strict d Funds

The Permanent Endowment Fund was clarified and agreed with the Charity Commission in 2012. The PermIn the year ended 31 March 2023, the Walton & Hersham foodbank officially became part of Walton on Th a nentmes Endowment oCharity and p r iginates from the sale of land and assets that were part of the original charities. As a permanentovides nutritionally balanced emergency food and support to local people. The balance of funds endowment fund, the assets cannot be directly applied to cover charitable expenditure, but income derived therereceived are held for future foodbank expenditure. 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. Permanent Endowment Funds

Charity Commission has granted their approval for Walton Charity to transfer permanent endowment investments to The Permanent Endowment Fund was clarified and agreed with the Charity Commission in 2012. The Permanent permanent endowment fixed assets as of 20 February 2024. 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 Restricted Funds 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. In the year ended 31 March 2023, the Walton & Hersham foodbank officially became part of Walton on Thames

Charity and provides nutritionally balanced emergency food and support to local Charity Commission has granted their approval for Walton Charity to transfer perma ~~nent endowmen~~ people. The balance of fundst ~~investments to~~ received are held for future foodbank expenditure. permanent endowment fixed assets as of 20 February 2024.

The permanent endowment funds consists of the following:

The permanent endowment funds consists of the following:
2025 2024
£000 £000
Tangible fixed assets 7,357 4,449
Fixed asset investments 18,126 20,373
Unapplied total return ~~1,131~~ ~~1,733~~
Total fixed asset investments 19,257 22,106
Current asset investments 2,073 -
Total investments 21,330 22,106
Creditors: amounts falling due within one year (1,772) -
Total endowment fund 26,915 26,555

82 Walton Charity

Trustees’ Annual Report 2024-25

83

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Statement of funds (continued)

The total return on investment of permanent endowment have been disclosed as follows:

At the beginning of the reporting
period
Permanent endowment
Unapplied total return
Total
Movement during the period
Property purchases
CPI uplift for the year
Investment income
Investment fees
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
Current asset investment
Total		 Permanent
endowment
Unapplied total
return
Total Endowment
£000
£000
£000
20,373
-
20,373
-
1,733
1,733
20,373
1,733
22,106
(2,544)
2,544
0
297
(297)
-
912
912
-
(173)
(173)
-
(399)
(399)
(2,247)
2,587
340
-
(1,116)
(1,116)
(2,247)
1,471
(776)
18,126
-
18,126
-
1,131
1,131
-
2,073
2,073
18,126
3,204
21,330

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Statement of funds - current year

Unrestricted
funds
Designated
funds
Property
acquisition
Community
projects
Property repairs
General funds
Undesignated
unrestricted
fund
Total
Unrestricted
funds
Endowment
funds
Capital reserve
Restricted
funds
Foodbank
Grants
Total of funds		 Balance at 1
April 2024
£000
3,000
1,500
1,100
5,600
5,429
11,029
26,555
90
-
90
37,674		 Income
£000
-
-
-
-
1,910
1,910
912
200
99
299
3,121		 Expenditure
£000
-
-
-
-
(2,263)
(2,263)
(513)
(222)
(99)
(321)
(3,097)		 Transfers
in/(out)
£000
-
-
-
-
(360)
(360)
360
-
-
-
-		 Gains/
(Losses)
£000
-
-
-
-
(169)
(169)
(399)
-
-
-
(568)		 Balance at 31
March 2025
£000
3,000
1,500
1,100
5,600
4,547
10,147
26,915
68
-
68
37,130

84 Walton Charity

Trustees’ Annual Report 2024-25

85

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Statement of funds - prior 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
Permanent
Endowment
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

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Summary of funds

Summary of funds - current year

Designated funds
Undesignated
unrestricted
funds
Endowment
funds
Restricted funds		 Balance at 1
April 2024
£000
5,600
5,429
26,555
90
37,674		 Income
£000
-
1,910
912
299
3,121		 Expenditure
£000
-
(2,263)
(513)
(321)
(3,097)		 Transfers
in/(out)
£000
-
(360)
360
-
-		 Gains/
(Losses)
£000

-
(169)
(399)
-
(568)		 Balance at 31
March 2025
£000
5,600
4,547
26,915
68
37,130

Summary of funds - prior year

Balance at
1 April 2023
£000
Designated funds
6,800
Undesignated
unrestricted
funds
3,917
Endowment
funds
25,280
Restricted funds
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

Analysis of net assets between funds

22.

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2025
£000
3,626
7,678
131
(1,117)
(171)
10,147		 Restricted
funds
2025
£000
-
-
68
-
-
68		 Permanent
Endowment
funds
2025
£000
7,357
19,257
2,073
(1,772)
-
26,915		 Total
funds
2025
£000
10,983
26,935
2,272
(2,889)
(171)
37,130

86 Walton Charity

Trustees’ Annual Report 2024-25

87

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Unrestricted
funds
2024
£000
Tangible fixed assets
3,689
Fixed asset investments
7,936
Current assets
82
Creditors due within one year
(469)
Creditors due in more than one year
(209)
Total
11,029		 Restricted
funds
2024
Permanent
Endowment
funds
2024
£000
£000
-
4,449
-
22,106
90
-
-
-
-
-
90
26,555		 Total
funds
2024
£000
8,138
30,042
172
(469)
(209)
37,674

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/(expenditure) for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gains)/losses on investments
Dividends, interests and rents from investments
Decrease in stocks
Decrease in debtors
Increase in creditors
Lease interest payable
Loan interest payable
Net cash provided by/(used in) operating activities		 2025
£000
(544)
447
568
(1,240)
-
2
2,382
19
8
1,642		 2024
£000
1,534
441
(1,750)
(1,020)
12
9
93
23
8
(650)

24. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2025
£000
106
106		 2024
£000
77
77

WALTON ON THAMES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

25. Analysis of changes in net debt

Cash at bank and in hand
Debt due after 1 year
Liquid investments		 At 1 April
2024
£000
77
(80)
-
(3)		 Cash flows
£000
29
1
2,073
2,103		 At 31 March
2025
£000
106
(79)
2,073
2,100

26. Other Assets

No account has been taken in the Balance sheet for the following assets:

27. Operating lease commitments

At 31 March 2025 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

2025 2025 2024
£000 £000
Not later than 1 year 24 23
Later than 1 year and not later than 5 years 25 -
49 23
The following lease payments have been recognised as an expense in the Statement of Financial Activities:
2025 2024
£000 £000
Operating lease rentals 33 35

88 Walton Charity

Trustees’ Annual Report 2024-25

89