Charlty numb•r: 215479 THE WALKER TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2028 WR Partners Protecting your future.
THE WALKER TRUST CONTENT8 Page Referenco and admlnl8tr&tlve detall• of the Trust, Its Tru8teos and •dvlsgrn Trusteo8' report Ind•pendent examlnerfs roport Stat•m•nt of flnanclal actlvltl•• 9-10 Balance sheet 12 Not•8 to the flnanclal statements 13-23
THE WALKER TRUST REFERENCE AMD ADMINISTRATIVE DETAIL8 OF THE TRU8T, IT8 TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Major General J Crackett, Chair Mr V Hunt (Chaimian of Shrop8hire Coundll (resigned 1 June 20251 Mrs C PaloTrSrnilh Lady Fore81er Mrs S Reynolds (Borough of Telford and Wrekinl Mr D Borrowman Ichair Shrop$hire Coun¢ill (appointed 1 June 20251 Mr B Williams Ivice Chair Shropshire Council) (reSned 28 April 20251 Mr G Groves (Vice Chair Shropshire CounrAI (appoint 1 June 20251 Charlty reglst•r•d number 215479 Prlnclpal offl¢• 5 Smithy Croft Church Ealon Staffordshire ST20 OAF Clerk to the Trugt MrA Jones A¢¢ountsnts WR Partners Chartered Accountants Belmont House Shrewsbury 8Ltsines$ Park Shrewsbury Shropshir SY2 6LG BJnk•rs Lloyds Bank PLC 1 Pride Hlll Shrewsbury Shropshire SY11DG Trustee• Investments Advl8or• Cazenove Capital Llvefpool House Lower Bridge Slre•t Chester CH1 IRS Page 1
THE WALKER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of the Trust for the period from 1 April 2024 10 31 March 2025. Objgclives and actlvltles a. Pollclos and obloctlvos The duties placed upon the Trustees under the Will are as follows:_ lal lo invest the capital of suth Trust Fund in any of the securities hereby aulhorised. Ibl to apply the income of such investments lo all or Such of the following purposes as my Residuary Trustees from time lo lime think beneficial. vvz.. in the eslablishmenl or towards the maintenance of any hospital, infirmary, convalescent home or other institution having for its object the rèlief of sickness or PTomob'ng convalescence. ii. the provision of medical or surgical aid or applianS. iii. any insts'lution for the maintenance and education of orphans. iv. the provision of such means of education as are not, for the time being, provided for by impèrial or local tsxation. Ic l arKF l expressly direct that in case, for the purposes aforesaid my residuary Trustees shall unanimously resolve that il is expedient lo expend any part of the capit81 of such Trust funds in the erection or furnishing of any building for any of the aforesaid purposes, they sh811 have full power so to do. In setting objectives and planning for activrt¢es, the Trustees have given due consideration lo general guidance published by the Charity C¢ynmis$ion relating lo public benefft, including the guidance 'Public benefrt". running a harty IPB21'. b. Stratogies for achlevlng oblectlves The aim of the Trust is lo make grants for the purposes sel out above to improve the life or make better QPPDrtunilies for the people of Shropshire assisting with grants for buildings, aids and equipment or lo assist wth the costs of education or educational opportuni118s. The Trust'5 main objectives for èach year are therefore lo use ils income for these purposes and achieve these objects through being widely known throughoLrt the County, known lo organisalions that are providing facilities which meet the Trust's charitable objects, and through ils contacts with hospitals, hospic8s, councils, schools. eollege8 and universities. c. Grant4naklng pollcles The objective of the Trust is lo make grants in 8ccordan¢e wth the crheria sel out by the Benefactor. These cover in broad temis the assistan of health and disability, orphans and education and training. The Trustees consider applications under any of these heads and interpret them in a wide and general sense The Trustees will not nomially assist in cases outside Shropshire unless the County would specifically benefit thereby. In the case of applicats'ons for assistance from individuals the Trustees would nomally exped thè applicant lo be resident wthin Shropshire at the lime gf the applicat'on and for the previous 12 months. The Trustees have decided that al certain inletwals they will consider the financing of some major wojecl of lasting benefit lo Shropshire. They have established a seNe ftjnd for this purpose, The Trustees will use the bulk of their income in any year for grants within their obieclives. A copy of the Trustee3 full grant policy is available from the Clerk. Page 2
THE WALKER TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Objoctlvgs and actlvltles Icontlnuedl d. Maln actlvltles undertaken to further the Trust's purposes for the publlc beneflt The Trustees have considered a report on Public Benefit and have received and considered the guidance issued by the Charity Commission on 'Chaiities and Public Benefit.. The Trust's objeds clearly come within the descriptions of charitable purposes as set out in the Charities Act and there are identifiable bonefits from the grants made. The benefits are lo the public, i.e. the peokle of ShropshI and grants are only made in 8ccordance with the Trust's aims and objectives. Whilst grants to hospitals, hospices and educational inslilLrtions and organisations benefit the whole population of the County or increase the opportunities available to them. in considering individual applications, the means of applicants and where appropriate their families are looked al and the Trustees largel their help lo appli¢anls with low income5 This group includes young people leaving care, young people estranged Irom their families, single parents and children from families with low incomes. and frequently those relying on slate benefit8. The Trustees are therefore satisfied that they have compliod with the duty in Section 4 gf the Charities Act 2006 lo have due regard ID the public benefit guidance issued by the Charity Commission. Achlevements and performance a. Rovlgw of actlvlllgs The Trustees have maintsined their policy of reslricling their grants lo Shropshire persons or projects benefiting such persons Grants continue lo be made towards a camping equipment bank run by the Shropshire Council Youth Services and the Shropshire Schools and Colleges Athletics Association which provides opportunib"es, grants or assistance lo young people of exceptional sporting ability. The requests for grant$ within the Trust's objectives continue lo be made both in the areas of Health and Disability and Education and Training In the aa ol individual grants for educational purposes. the Trustees continue lo concentrate on the further education seelor and the areas of music, drama and the arts where student's costs are considerable. The Trustees have maintained their PTevious decision that unless there afe exceptional circumstance5 such as disability. they wll not assist students in higher education as assistance is available from student finance, with the exception of medical and veterinary courses particularty vthere Ihesg afe tsken as second degrees. Iln the area of education and trainin9 the Trustees made grants of £1,000 or more to.. Derwen College- £30,000, Pioneer Centre £4,DOO, Engineering Development Trust - £6.000, Police Comrnunily Clubs £2,000, The Longmynd Adventure Carnp. £5,000, Guide Dogs. £1.020. Strellon Pool Action - £2,000, Wenlgck Olympian Society £15,000, Educating Kids Outdoors £3,900, Shropshire Schools Sports Association £5,000. Community Safety Education - £2,200, 4 AII - £1,400, VCH Shropshire- £5.000, Shrewsbury & Osweslry Cruaal Crew - £3,000, Whrttinglon Music Festival £1.000, Shropshire Army Cadet Force - £1,500, Climbing Out £2,000. Some grants were made lo individuals and organisalions ranging from £500 to £4.500. Of these, 2 were from single parent families 3 from families whose main income was benefits and 2 from young people estranged from their families. Four were gran15 fo¥ music. drama or art studies, many of which were 5ubslanlial. Without the trusts support most of these individuals would have been unable to undertake their courses. Page 3
ThE WALKER TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Achlgv•monts and perforniance Icontlnue(11 In the are8 of health and disability, the Trustees made grants of £1,000 or more lo.. Dream holidays - £1,700, Deafblind UK - £2,000, Royal Airforce Benevolent Fund £2,000, RNIB - £1,835. Revbtalise - £3,000, Lyneal Trust - £10,000, The RJ & AH Orthopedic Hospitsl - £5,000, Hope House Children's Hospice - £8,389. AT Society- £1,000. Blind Veterans UK- £2,500, The Firefighters Charity. £2,000, Dernenlia UK- £2,000, MNDS- £2,500, Bliss £2,000, The Lullaby Trust - £1,200, Neuro Muscular Centre - £1,500, Combat Slresg - £2,000, Kids Cancer Charty- £2,200, The Movement Centre- £2,500. All of these grants enabled the Charity to meet the objectives sel by the benefactor lo provide grant5 in the areas sel out in the Will and meet the public benefit requirements. The Charity has some funds that were given lo them by the Acton Reynald Edu¢ational Trust for the specific purpose of assisting Shropshire girls in private education No grants from these funds were made this year. b. Investment pollcy and pgrfomiance The Trustees make their grants from the income from the material investments held. The Trust investments are managed by Cazenove Capitsl. The TrLJStees' general policy is to look for capital growth lo maintain and hopefully increase, In real terms, the capital value of the Trust's portfolio thus maintaining the value of the portfolio in real terms for the future, whilst also maintaining a good level of Income lo enable the Trustees lo meet their charitable objectives. The Trustees, mindful of their legal duties, operate a conservative investment policy and do not Ljndertake undue risks wrth regard to inveslmenls. Fdlowing the appointsnenl of Cazenove Capital as their Investment Managers. Trustees agreed with them a benchmark of giowth of infialion + 3% for the new Portfolio. Trustees agreed this was a move for greater capital growth than their prewous investment strategy and would provide a lower income, but overall a total relurn of approximately 80/0. In agreeing this new strategy, Trustees were aware that they did have the ability. if they wished, lo use captsl for appropn'ale projects. The Trustees receive quarterly reports on the value of their portfolio and on the economic and market outlooks and whether any changes should be made lo the investment strategy. Twice yearly the Investment Managers attend a Trustees, meeting ID give oral reports, make suggeslions for investment strategy and for review of benchmarks and for improving the management of the Trust's Portfdio. The performance of the funds is measured against the benchmark. In this year 2024-25 the portfolio performed well and was shomring a retum of 1 Ooh. This was tempered in the final quarter wth volatility created by US tariffs proposed reducing ils growth for the year to 3.30h. The retum on the portfolio in income was 1.9%. Tnjstees wll keep performance under review. Flnanclal review a. Golng concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Trust has adequate resources lo continue in operational existence for the lore5eeable future. For this reason, they continue lo adopt the going concem basis in preparing the financial slatemenls. Page 4
THE WALKER TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 b. ReseNes pollcy The results of the yearfs operation are set out in the attached Financial Statements. The nel movement in funds for the year amounted to an increase of £77,01912024- increase £664,246). The retsined reserves at 31 March 2025 arnounl lo £7,416.78712024 £7.339,7681. FTee reserves amounted lo £286,62812024 £379,650). The Trustees closely match their grant giving to their income. Income and expenditure are closely monitored during the year. The Trustees do not have any ftjnds in deficit. Th¢ Trustees have agreed a form81 Reserves Policy taking into account income and expendf(ure estimates and governance and support eosls. They have agreed that free reserves should be maintained al a revised figu of £50,000. In setting this figure, Trustees noted that their adminislralive ¢o$ls had reduced in recent years and this revised figure would cover four years of running costs rf no new grants were made. c. Mateflal Investments pollcy The Charity's principal funding sources are ils investments detailed above. The income from these investments support the key funding objectives ol the Charity. The Trustees have not applied any social. environmental of ethical considerations in their investment policy. They did review this some years ago bul decided lo continue lo maintain the existing policy. This is because no restrictions were specified by the benefactor when the Charty was established and that whilst applying such a policy would not materially effect perf0mlan and income at this lirne it could do so in the future. The Trustees do not feel therefore that they should adopt any policies that might affect the Trust's financial performance in the future. Structurg, govgmance and management a, Constltutlon The Walker Trust is a gIStered eharity, nurnber 215479, and is constiluled under a Trust deed. The Trust was formed under the Will of Charfes Clemenl Vvalker. JP, of Lille5hall Old Hall, Newport. Shropshire, who established a Trust devoting a large part of his Eslale lo charitable purposes and established the Charity of Charles Clemenl Walker known as'The Walker Trust" The Charity was consb'tuted with three representative Trustees together with the Chaiman and Vice-chairman for the lirne being of the Shropshire Council. Svbsequenlly, it was agreed to invite the Telford and Wrekin Borough Council also lo rsorninale a Trustee The names of the persons currently occupying these three charitable positi'ons are sel out earfier. Page 5
THE WALKER TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 structure, governance and management {continuedl b. Methods of appolntment or electlon of Trustsos The management of the Trust Is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. When a vacaney for a representslive Trustee occurs, the Trustees seek lo replace with someone who wishes to serve in the charity sector, has a knowledge of education andlor health. has a knowledge of the County of Shropshiie and also seek lo achieve a geographical spread of Trustees around the County $0 that they are able to bring their local knowledge lo bear on applications. The Trustees also seek lo appoint younger persons as Trustees. Names of people to be considered as Trustees are suggested by the Trustees and then have a preliminary inletview with the Clerk lo explain the objectives history and operation of the Trust prior lo the Trustees making a lormal appointment. c. Organlsatlonal structure and decision-maklng pollclas The Charity Trustees usually meèt four limes a year and collectively take decisions in relation lo applications. The Chairman and Clerk have delegated authority lo lake urgent decisions In between meetings. The Chairnian is delegated lo lake decisions in all SeS while the Clerk's delegated authority 15 limited lo grants up to £500. The Charity is not part of a wider nthork and has no sUbsl8ne$. A formal prodre for re1VIng antl considering complaints is in place. d. Pollcles adopted for the Inductlon and tralnlng of Trustoes When new Trustees are appointed they invariably have already served in this capacily on smaller Trusts and are given an introduction to the work of the Trust, a brief history of the Trust, an account of Ihe recent workings and copies of the Annual Report and previous agenda5. They go through training sessions with Ihe Clerk if required. on the responsibilities of Trustees, the overriding duties of Trustees and the need lo decla any interes15 or related paty transactions they might have al meeb'ngs. Trustees and the Cl8rk also attend relevant seminars and training courses A recent rneelings, Trustees have considered the five minute briefing papers prepared for Trustees by the Charty Commission. During the year Trustees have considered a series of briefing papers provided by the Charity Cornmission on issues relating lo their duties and responsibilities. Page 6
THE WALKER TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 structur8Tr govgrnance and management Icontlnuedl e. Flnanclal rlsk management The Trustees have in place a risk matrix which identifies the risks faang the charity, the control procedures in place. individuals responsible for such controls and monitoring processes. The matrix was last vieWed in January 2025. In as$e$sing risks Trustees took into accounl that they do not have any property or any d1ct employees. Trustees also roly on their capital endowment and do not fundraise on an ongoing basis. Occasionally. ftjnds are contributed to the Trust by other organisalions. The Trustees closely match their grant giving lo their income. Income and expènditure are closely m¢nf(ored during the year wsth reports lo the Trustees quarterfy meetings. 11 all ineomè is not allocated during the year, then it is either carried forward or transferred to an aecumulated incorne reserve account so that reserves are available for future major capital grants. The Trustees do occasionally agree to grant aid a project with contributions being Tnade over the next two or three years. However these only form a small proportion of projected annual income and would not Compromise the Trustees rf the was a downlum in income In any one year. The Trustees have formal banking arrangements and have enterèd into an undertaking and agreement with their bankers, as Banks are required lo do under legislation. The Trust has substantial invested funds and this carries some risks. To minimise these risks, Tru51ees operate a conservative investment policy and use the services of professional investment managers. Trustees invest in fvnds which carry low risk and have low volatility. Se$ section on inveslrnent policy and performance. The Trustees accounts a independentty prepared and reviewèd reducing risks of fraud and corruption. The Trustees are therefore satisfied that risks have been identified and that procedufes are in place to manage those risks effectively. Risks are reviewed on an annual basis. Plans for fvture pgrlods The Trus18es plan lo continue with their curT8nt aims and key objectives on dislribuling grant$ in accordance wlh the objectives sel by the benefactor. They wll continue lo do this by making their grant policies known throughout the geographical County of Shropshire and by considering applications from organisations. groups and indivkduals. In 2025126 they are hoping ID continue support to VCH Shropshire and the Ironbridge Gorge Museum TrLJSt and the Shropshire Schools Alhleli¢s Association. Page 7
THE WALKER TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 statement of Trustees. responslblllues The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Pr8Cticel. The law applicable to charities in England & Wales require5 the Trustees to prepare financial slalemenls for each financial which give a true and fair view of the slate of affairs of the Trust and of it5 incoming resources and application of resources, including Ils income and exp8ndilur8, for that period. In preparing these finanaal slalemenls, the Trustees are required to.. select suitsble accounting policies and then apply them consislenlly.. observe the methods and principles of th& Charities SORP IFRS 1021., make judgments and acwunling eslimales that are reasonable and prudent,. slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Tru51 wll continue in business The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply wlh the Charities Act 2011. Ihe Charity IA¢counls and Reportsl Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregulaiilies. Approved by order of the members of the board of Tru51ees and signed on their behalf by.. Major General J Crackelt ehaif of Trustees Dat¢.. 2 J LK": I Page 8
THE WALKER TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent ExamlnOT'S Roport to tho Trustoos of The Walker Truit Ilh• Tru•f I report to the charity Trustees on my examination of the accounts of the Trust for the year ended 31 March 2025. R•sponslbllltlgs and Basls of Report A8 the Tru8lees of the Tru81 you are responsible for the preparation of the accounts in accordance th the requirements of the ChatIeS Act 2011 (the 2011 Acfl, I report in respect of my examination of the Trust's accounts carried oul under section 145 of Ihg 2011 Act and in carrytng out my ¢xaminalion I have followed the applicable Dlrectlons glven by the Charity Commission under section 145151{bl of the 2011 Act. Pag• 9
THE WALKER TRUST INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Independent Examlner's Ststemont Your attention is drawn to the fact that the Trust has prepared the accounts in accordance with kcounling and Reporting by Charities.. Slalement of Recommended Practice applicable lo charib'e5 preparing their accounts in aecordance wth tho Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities Slalemenl of Recommended Practi issued on 1 April 2005 which is referred lo in extsnl regulats'ons bul has been withdrawn. l understsnd that this has been done in order for the accounts lo provide a true and fair view in accordance wlh the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. l Confirrn that no rnatlers have come lo my attention in connection with the examination giving me cause to believe that in any material respect". accounting records were not kept in iespecl of the Trust as required by section 130 of thè 2011 Act., or the accounts do not accord wlh those records-, or the accounts do not comply with the applicable requirements concerning the form and eontent of accounts set out in the Charities IA¢counls and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fairf view whieh is not a matter considered as part of an independent examination. I have no coneerns and have come across no other matters in connecb'on with the examination to which attention should be drawn in this report in ordef lo enable a proper understanding of the accounts to be reached. This report is made solely lo the Trust's Trustees, as a body, in accordance wlh Part 4 of the Charities {Accounls and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the Trust's Trustees those matters l am required to stale to them in an Independent examiner's report and for no other purpose. To the fullest extent permilled by law, I do not accept or assume responsibility to anyone other than the Trust and the Trust's Tiuslees as a body. for my work or for this report. Signed". Dated S J Tweedle Bsc FCA DChA WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshi SY2 6LG Page 10
THE 114ALKER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Restrlcted Unrestrlcted funds funds 2025 2025 Total funds 2025 Total fvnds 2024 Note Income from: Investments 10,364 139,940 1SO.304 172,438 Total income 10,364 139.940 1SO,304 172.438 Expendlture on.. Raising funds Charitable activities.. Grants Governance 2,836 37.375 40.211 36. 705 160.427 11,881 160,427 11,881 74,012 11,127 Total eXndIture 2,836 209.683 212,519 121,844 Net incom811gxpendlturel before net galns on Investments Net gains on investments 7,528 10,456 169,7431 128.778 162,2151 139,234 50,594 613,652 Net movement in funds 17,984 59,035 77.019 664,246 Reconciliation of funds: Total funds brought forward Nel movement in funds 519,290 17,984 6,820,478 59,035 7,339,768 77.019 6,675,522 664,246 Total funds carried forward 537.274 6.879,513 7,416.787 7,339. 768 The Statement of Financial Activ(fies includes all gains and losses recognised in th6 year. The notes on pag85 13 10 23 fomi part of these financial slalements. Page11
THE WALKER TRUST BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Flxod assets Inve81menls 7.087,939 6,928.230 7,087,939 6,928,230 Current assots Debtors Cash at bank and in h8nd 12,714 350,477 8,261 448,955 363,191 457,216 Current Ilabllltles Creditors.. amounts falling due wlhin one year 10 {34.3431 (45,678) Net CLFrrent assots 328,848 411,538 Totsl net as$ots 7.416,787 7,339, 768 Charfty funds Restricted funds Unrestricted funds 537,274 6.879.613 519,290 6,820,478 11 Total funds 7,418.787 7,339, 768 The financial $tat•m¢nls were approved and authorised for issue by the Trustees and signed on thebr behalf by.. Llb Major Goneftl J Cr4ck•ff -ehair of Trustee$ Date.. 2J t¥-, IS The notes on pag¢$ 13 to 23 fomi part of th¢$• financlal 8talemenls. Page 12
THE WALKER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2026 Accounting pollcles 1.1 Basis of preparatlon of financial staternents The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lèffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK ané Republic of Ireland IFRS 102) and the Charities Act 2011. The financial statements have been prepared to give a true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the èxtent required lo provide a 'lrue and faif. view This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charits'es.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Walker Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othemse slated in the relevant accounb'ng policy. 1.2 Golng Concern After making enquiries, the Trustees have a reasonable expeetslion that the Charity has adequate resources lo continue in operational existence for the forseeable future. The Chaiity therefore continues lo adopt the going concern basis in preparing ils financial slatemenls. 1.3 Income All income is fecognised once the Trust has entrtlement to the income, il is probable that the income will be received and the arnounl of income receivable can be measured reliably. The recognition of income flom legarjes is dependent on establishing entidement, the probability of recgipl and the ability lo estimate wsth sufficient accuracy the amount receivable. Evidence of entitlement lo a legacy exists when the Trust has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid rill and the death of the benefactor) and the executor is satisfied that the PTopety in question wll not be required lo satisfy daims in the estate. Receipt of legacy musl be recognised when il is probable that it will be received and the fair value of the amount receivable, which wll generally be the eXPted cash amount to be distributed lo the Trust, can be reliably measured. Other income is recognised in the period in which il is e1Vab. Page 13
THE WALKER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollclgs Icontinuedl 1.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, il 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 cos15 involved in undertaking each activity Oirect costs attributsble lo a single activity are allocated directly lo that aclivily. Shared costs which contribute ID more than one activity and support C051s which are not attributable lo a single activity are apportioned betsveen those activities on a basis consislenl wlh the use of resources. Expenditure on raising funds includes all expenditure incuffed by the Trust lo raise fijnds for its charitable purposes and indudes costs of all fundraising acb'vilies events and inve51menl management fees. Expgndilure on charitsble acliwlies is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated SUPPDrt costs. Grants payable are charged in the year when the offer is made except in those cases Mhere the offer is conditiona1, such grants being recognised as expenditure when the condibons attaching are fulfilled. Grants offered subject lo Conditions which have not been mel at the year end are noted as commitment. bul not accrued as expenditure. 1.5 Interest roceivable Interest on funds held on depc*sil is included when receivable and the amount can be measured reliably by the Trust". this is normally upon nolificalion of the interest paid or payable by the instilutiin with whom the funds are deposited. 1.6 Investments Fixed asset investments are 8 form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value at the Balance sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairrnenl. Investment gains and losses, whether realised or unreali5ed, are combined and presented as 'GainsllLossesl on inveslrnenls, In the Slalemenl of financial aclivilies. 1.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any Ir8de dis¢ounts due. 1.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit OT similar account. Page 14
THE WALKER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢countlng policies Icontlnugdl 1.9 Llabllltles and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities a recognised at the amount that the Trust anlicipales il will pay lo settle the debt OT the amount it has received as advanced payments for the goods or services il musl provide Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision Is based on the present value of those amounts, discounted at the pre-tax discount rale that reftects the risk$ specific lo the liability. The unwinding of the discount is recognised In the Slalement of financial activities as a finance cost. 1.10 Flnanclal Instrumènts The Trust only has financial assets and financi81 liabilities of a kind that qualify as basic financial instrumen15. Basic financial instruments are Initsally recognised al transaction value and subsequenuy measured al their setuemenl value. 1.11 Fund accountlng General funds are unreslriclgd funds which are available for use al the discretion of the Trustee5 in furtherance of the general objectives of the Trust and which have not been designated for other purposes. Reslricled funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are Charged against the 5pecrfic fund. The airn and use of each restricted fund is sel out in the notes to the financial slalemenls. Investment income, gains and losses are allocated lo the appropriate fund. Page15
THE WALKER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment In¢om• RostrlGtod Unrostrlctgd fund8 funds 2026 202S Total funds 2025 Total funds 2024 Income from local listed investmen15 Income from cash Other Investment income 3,578 20,240 116,124 3.876 22,324 124.404 2,084 8,280 29,919 142,519 Total 2025 10,364 139,940 150,304 172,438 Total 2024 11.713 160, 725 172,438 ExpendEture on ralslng funds Costs of ral•lng voluntary Income Restrlctod Unr•ytrlcted funds funds 2026 2025 Total funds 2026 Tot81 funds 2024 Investment management fee8 2,83e 37,375 40,211 36,705 Totsl 2026 2,836 37,375 40,211 36,705 Total 2024 2, 620 34,085 36,705 Page 16
THE WALKER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 expendlturo on ralslng funds {contlnu•dl Analy818 of grants Grants to Grants to Instltutlons Indlvlduals 2025 2026 Totsl funds 2025 Total funds 2024 Health & Disability Schools & Other Organi8alions Foreign Travel Grants, Aclon Reynald Fund College Cour8¢ Muslc & Drama Unlvers6ty Course 58,907 90,520 66,907 90,520 36,558 11,554 1,300 500 5, 100 9.500 3.000 9,600 3,000 5,000 Totsl 2026 147,427 13,000 160,427 66,512 To1812024 48,112 25,900 74,012 Page 17
THE WALKER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analy818 of grants Icontlnuodl The Trust h88 made the following matertal gran18 to the followlng In8thutions during the year. 2025 2024 8chool8 & Other Organlsatlon8 Deen College University cent Shrew8bury Ploneer Cenlre, Cleobury Mortlmer VCH - Shropshlre Wenlock Olympian Soaety Longmynd Advenlrue camp Educating 'dS Outdoors The Police Community Clubs Engineering Developrnenl Trust Shrgwsbury & Oswestry Crucial Crew Communication Safety Education stretton P¢Jol Action 4AII Climbing Out Shropshire Amiy Cadet Force Guide Dogs Shropshire Schco18 and Sports Association Whittington Mu$1¢ Fe81ival Other grants 30,000 15,000 4,000 5.000 15,000 S,OOQ 3.900 2.000 6.000 3.000 2,200 2,000 1,400 2.000 1.600 1.020 5,000 1,000 600 (13,446) 90,520 56,907 11,554 Health & disabilty grants 36,558 147,427 48,112 Pag• 18
THE WALKER TRUST NOTES TO THE FINANCIAL STATeMENTS FOR THE YeAR ENDED 31 MARCH 2025 2026 2024 H•alth & Dlsablllty Qrants LYI1 Trusl Robert Jones & Agnu8 Hunt Orthope(Jl¢ Hospital Demenlla UK Bliss The Movemènt Centre 05westry Orthopaedic Institute Robert Jone8 & Agnus Hunt SSAFA The AT Society The Lullaby Trust Revrtallse Hope House Chrildren's H08pice Kids Cancer Charty Blind Veteran8 MNDA De8fv1ind UK RAF Benevolent Fund Combat Stre$$ Firefighters Charity The Albrighton Trust Grants <£2000 10,000 2,000 2,000 2,600 2,000 5,000 S,10 3.000 8.389 2.200 2,$00 2,500 2,000 2,000 2,000 2.000 8,818 17,058 66,907 36,558 Page 19
THe WALKER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Governance Co•ts Unrn8trlcted funds 2026 Total funds 2028 Total funds 2024 Audit and accountsncy Sundry expen8e8 Postsge and Stslionery Honararia Servlces provided by Shropshire Coun¢il Exchange rate Igainsl & losses 4,110 1,682 249 1,800 4,000 40 4,110 1.682 3,420 1,615 192 1,800 1,800 4.000 Total 2026 11,881 11,881 11,127 Independent examIn09 remunoratlon The independent examinerf$ remuneration amounts to an independent examiner feg of £1,245 (2024 - £1, 140). and annual accoun15 preparation of £2,74512024- £2,520). Trugt••s' remuneratSon and expenses During the year. no Trustees recelved any remuneration tx other benefits f2024- £NILJ. Durlng the year ended 31 March 2025, no Trustee expenses havo been in¢urred (2024- £NIL). Page 20
THE WALKER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S FIX a$•et Inv•8tm•nts Llstod Inv•stments Cost or valuatlon At 1 April 2024 AddlOn8 Disposals Revaluations 6.928.230 2.834.119 12,776.4101 102,008 At 31 March 2025 7,087,939 Net book valuo Al 31 March 2025 7.087.939 Al 31 March 2024 6,928,230 Dfjbtorn 2025 2024 Du• wlthln on? year Prepayrnents and accrued Sncome 12,714 8,261 12.714 8,261 10. Credttorn: Amounts f•lllng duo wlthln one year 2026 2024 Other creditors Accruals and deferred in¢ome Grants accrued 6,853 3.990 23.500 6, 138 3,540 36.000 34,343 45,678 Page 21
THE WALKER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. statement of funds Statement of funds . current year Balancè at 31 March 2025 Balance at 1 Aprll 2024 Gainsl (Losses) Income Expenditurè Unrestrlcted funds General Funds 6,820,478 139.940 1209,6831 128,778 6,879,513 Restrlcted funds Aclon Reynald Fund 519,290 10.364 12,8361 10,456 537.274 Total of funds 7,339,768 150.304 1212,5191 139,234 7,416,787 Restricted funds The Charity has funds which were given lo Ihern by the Aclon Rgynald Educational Trust for the specifi purpose of assisting Shropshire Girls in private education. The movement in the year related lo investment income, Charges and valuations. statement of funds - prlor year Balance al 31 March 2024 Balanc8 81 1 April 2023 Trnnsfe in/oul Gain (Losses) Income Expendilu Unre$trlctod funds General Funds- all funds 6, 196.676 160, 725 {110,224J 3,660 569,64 1 6,820.478 Restricted funds Reslricled Funds all funds 478,846 19,713 (11.620) (3,660) 44,011 519,290 Total of funds 6,675,522 172,438 (121.844J 613,652 7,339, 768 Page 22
THE WALKER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 12. Analy8E8 of not a8s0ts betw•en funds Anaty¥l¥ of net a•sets betwe•n funds . currnnt ye•r Rostrlcted Unrnstrfctsd funds fund8 2025 2026 Total funds 202S Fixed asset investments Current assets Credltm due wthin one year 495,054 42,220 6,592,885 320,971 134,3431 7,087,939 363.191 134.3431 T*)tal 537.274 8,879,513 7.416,787 Analy$l8 of not assets between fund• . prlor y8ar Restncled Unrestricled funds funds 2024 2024 Total funds 2024 Fixed asset investments Currgnl assets Cradilors due wlhin one year 487,402 31,888 6.440,828 425,328 (45,6T8) 6,928,230 457,216 f45,678? Total 519,290 6,820,478 7,339,768 13. Rolatod party transactlons The Tru8t ha8 not entered into any related paty transaction during the year, nor are there any oulstandlng balances owng b8tsveen related parties and the Tru81 at 31 March 2025. Page 23