REGISTERED CHARITY NUMBER: 229861 REPORT OF THE TRUSTEES AND itNAUDITED FINANCIAL STATEMENrs FOR THE YEAR ENDED sfH APRIL 2024 FOR THE WALTER HIGGS CHARITABLE TRUST JRW Hogg & Thorburn LLP Chartered Accountants 19 Buccleuch Streel H&wick Roxburghshire TD9 OHL
THE WALTER HIGGS CHARITABLE TRUST CONTENTS OF THE FINANCL4L STATEMENV6 FOR THE YEAR ENDED sfH APRIL 2024 Page Report of the Tte¢S Independent Exgminer's Report S¢atemen¢ of Flnancial Adlvities Balanee Sheet Notes to the Financial Statements 6 to 9 Detsiled Ststemellt of Fin*n¢ial A¢tiviti¢s 10
THE WALTER HIGGS CHAIUTABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024 Th¢ trustees present their report with the financial statements of the ¢harity for the year end 5th April 2024. Th¢ trustees have adopted the provisions of A¢wunting and R¢porting by Charities: Statement of Recommended Practi¢¢ applicable to charities preparing their accounts in 0rdaftCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effe¢live l January 2019), OWECTIVES AND AcfIviTIES Objective4 and activities The Trnstees have lh¢ power to apply the income and capitsl of the Trust for such charitable purposes as the Truste¢s shall from lime to time in their absolutc discretion deternline. The Trustees have continued throughout the year to support a variety of charitsble activities. The Trustees Confirn) that they have refertrd to the guidance contained in the Charilies Commission'5 general guidance on publi¢ benefit when reviewing the Trnst's aims and objectives and in plannin8 future activities. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. ACHIEVEMENT AL¥D PERFORMANCE Achievements and performance The 'l"rustees manage the investments of the Trust to produce an increasin8 real income over the long temi, thereby enablin8 them to increase their charitable giving over tim¢. FINANCIAL REVIEW Finxneial revie The trustees have made tS for charitable purrK)ses as shown in the Statement of Financial Activiti¢s. The net assets of the Trust iiiLr¢ased by 7.5fj/0 over the year to £1,443,776 primarily due to th¢ increase in the rket value of the investments. Reserv&s policy Apart from investment manag¢inent fees and the ¢osts of the Independent Examiner, the Trust has no other costs which necessitate a reserves fund and the Trustees have therefor¢ resolved not to maintain such a fund. FtrruRE PLANS The I'rnst aims to continue to support a variety of ¢haritabl¢ bodies. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing do¢umen¢ a deed of trum and constitutes an unincorporated charity. Appointment of Trustees Future Trustees are to be appointed by resolution of th¢ Trustees passed al 4 special meeting. FoundAtioD and Admini8trntjOD of the Charity The Walter Hi8 Chai'itsble Trusl was founded on 18 December 1952 by Mr Walter FIk Higgs. It w&s registered with the Charities Commission on 23 March 1964. Page I
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INDEPENDENT EXAMllYER'S REPORT TO THE TRUSTEES OF THE WALTER HIGGS CIIARITABLE TRUST llldepelldent examiner's report to the trustees of The Walter Higg5 Ch4ri¢4ble Trllst I report to the charity trustees on my examination of the accounts of The Walter Higgs Charitsble Trust (the Trust) for the year ended 5th April 2024. Responsibilities and basis of report As the charity trusl¢¢s of the Trust you are responsible for the preparation of the ac¢ount5 in accordance with the requirements of the Charities Act 2011 (Ihe Acr). I report in respect of my examination of the Trust's accounts carried oul under Section 145 of th¢ Act and in carrying out my examination I have follow¢d all applicable Directions givcn by th¢ Charity Commission under Section 145(5)(b) of the Act. Independent eA2miner's slateD)eJ)I I have Completed tny examination. I confirn) thai no material matters have come to my attention in connection with the examination giving me cause to believe that in any mat¢rial respect- accounting records were not kept in respect of the Trnst as required by Section 130 of the Act; or the accounts do not accord with thos¢ r¢wrds' or the accounts do not comply with ihe applicable requirements concerning the forni and content of accounts set out in rhe Chariti¢s (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter consid¢r¢d as part of an independent examination. I havc no concerns and have come across no other matters in wnnection with the examination to which attention should be draw in this report in ord¢r to ¢nable a proper understanding of the accounts to be reached. Joanne Gibson JRW Hog8 & Thorburn LLP Chartered Accountants 19 Buccleuch Street Hawick Roxburghshire TD9 OHL 3rd August 2024 P88¢ 3
E WALTER HIGGS CHARITABLE TRUST STATEMENT OF FINANCIAL AIvrrIEs FOR THE YEAR ENDED 5TH APIUL 2024 2024 Unrestricted fund 2023 Total funds Notss ll¥COME AND ENDOWMENTS FROM Donations and l¢ga¢ies 18 tDvestm¢nl income 40.666 39,710 Totsl 40,684 39,715 EXPENDITURE ON Raising funds 3,986 3,863 Charitable 8¢tivities Grant making 26,401 28,876 Total 30,387 32,739 Net gainsl(losses) on investments 90,985 (97,648) NET INCOMEI(EXPENDITURE) 101,282 (90,672) RECONCILIATTON OF FUNDS l otal funds brought fonward 1,342,494 1.433.166 TOTAL FUND.S CARRIED FORWARD 1,443,776 1,342,494 The notes forn) part of these fmancial statements Page 4
ITIE WAI,TEIt Ill CllAiirrABIKTrL¥ SllEkY sni APRlI.2a14 24 1.4L¥.7_Q9 1291711 41.151 $17fhS CkF:OITOIi8 rm8 th¢ WiibiRaKTrar ID (iJo4) 39.047 49,776 IIABlI.rriES 1.44rn lJ4W NrfASSfr.YS 1.443.fifi iJ41494 Fl..8 1.4V.T16 IJo494 TQtAL FUYDS 1,443.f*6 lJ4l494 Syd Ay¢wt2024 SigLvI l¥&bdf by.. ID JiJFm
THE WALTER HtGGS CHAIUTABLE TRUST NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 ACCOUNTING POLICIES Basis of preparing the financial Statements The financia] statements of the chArity, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charilies". Stat¢ment of Recommended Pr&ctice applieabl¢ to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (eff¢¥tiv¢ l January 2019),, Financial Reporting Stsndard 102 The Financial Reporting Si&ndard applicable in th¢ UK and R¢public of Ireland, and the chitIeS Act 2011. The financial statements have b¢en prepared under the historical cost convention. with the exception of investments which ar¢ included at market value. as modified by the revaluation of certain assets. Finan¢io1 reportillg standard 102 - redueed disclosure exemptions The charit>. ha5 tsken advanlage of th¢ following disclosure exemption in preparing th¢s¢ financial staiements, as p¢rn)itted by FR8 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: lh¢ requirements of Section 7 Statement of Cash flows. Income All inwm¢ is recognised in the Ststement of FinBncial A¢tivities once the charity hAS entitlem¢nt to the funds, it is probable that the income will b¢ received and thc amount can be measured reliably. Expenditsre Liabilities are recognised as expendityre as soon as there is a legal or constrnctive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will b¢ required in set¢l¢ment and the ajnount of the obligation ¢an be measured reliably. Expenditure is accounted for on an accruals basis and has been ¢la8sified under hcadings ihat aggregate all cost related io th¢ ¢al¢gory. Wh¢re costs cannot be directly attributed to particular headings they have been allocated to a¢tivitiCS on a b85is consistenl with the use of resources. Granls offered subject to condition5 which have not been met at the year end date are noted as a commitment but not accrued as expenditur¢. Taxatlon Th¢ charity is exempt from tax oil its charitable activities. Fund ACCOUntlng Unrestricted funds can be used in ¢ordanCe with the charitable objectives at the discretion of the twste¢s. Going collcern At the time of approving the finan¢ial statements the trustees have a reasonable expectstion that the Trust has adequal¢ resources lo continue in operational existenc¢ for the foreseeable fitture. Thus the Iruslees continue lo adopt the going concern basis of a¢counting in prcparing the financial ststein¢nts. Page 6 continued...
THE WALTER HIGGS CHARTTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- coDtillued FOR THE YEAR ENDED 5TH APRIL 2024 DONATIONS AND LEGACIES 2024 2023 Donations 18 INVESTMEwf INCOIVIE 2024 2023 Dividends 40.666 39,710 RAISING FUNDS Investment management costs 2024 2023 Portfolio management 3.986 3.863 CHARTIABLE ACTIVITIES COSTS Grant funding of activities (see not¢ Support costs (see note 7) 6) Totals Granl making 25,250 1,151 26.401 GRANTS PAYABLE 2024 2023 Grant making 25,250 27,820 Page 7 ntinued...
THE WALTER HIGGS CHARITABLE TRUST Y40TES TO THE FINANCIAL STATEMENTS- colltinued FOR THE YEAR ENDED 5TH APRIL 2024 GRANTS PAYABLF - continued The total grants paid to institutions during the year was as follows: 2024 2023 Arklcton Trust Chippittg Norton Theatre DEBRA The Angus Irvin¢ Playing Fields Fund Sobell House Westerkirk Library Other The Branch Trust Ewes Hall Committee 15.000 5,000 1,000 1.000 1,000 i.ooo 1.250 15,000 2.820 5,000 5,000 25,250 27,820 SUPPORT COSTS Governan¢¢ costs Grant making 1.151 Support costs: included in the above, are as follows- 2024 2023 Totsl activities Grant making Independent examiner's fee 1,151 1,056 TRUSTEES, REMUNERATION AM) BENEFITS There were no trustees, remunerntion or other b¢nefits for the year ended 5th April 2024 nor for the year ended 5th April 2023. Trnstees, expenses There were no trustees, expenses paid for th¢ year ended 5th April 2024 nor for the ye•r ended 5th April 2023. Pag¢ 8 continued...
THE WALTER HIGGS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - eolltinued FOR THE YEAR ENDED 5TH APRIL 2024 FIXED ASSET INVESTMENTS Lisied investments At 6th April 2023 Additions ReVUationS ,292.718 21,026 90,985 At 5th April 2024 1.404,729 NET BOOK VALUE At 5th April 2024 1,404,729 At 5th April 2023 1,292,718 There were no investment assets oulsid¢ the UK. Cost or valuation at 5th April 2024 is represented by.. Listed investments Valuation in 2024 1.404.729 10. CREDrroRS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Other creditors 2,104 2,992 11. RELATED PARTY DISCLOSURES Donations totslling £15.000 were paid to Arkleton Trust, of whi¢h Caroline Anne Hi88s and Emma Jane Knott are trustees. Neither individual look part in the deeision to continue to SUPFrf)rt Arklaon Trust. Page 9
THE WALTER HIGGS CHARTTABLE TRUST DETAILED STATEMEiYf OF Fll¥ANCLiL ACTIVITIES FOR THE YLIR ENDED 5TH APIUL 2024 2024 2023 INCOME AND ENDOWMENTS Donations and Icga¢ies Donations 18 Investmenl income Dividend. 40,666 39,710 Totsl IMcoming resources 40.684 39.715 EXPENDITURE Inve5tmeDI management eostS Portfolio management 3,986 3,863 Cbxritable Activities Grants to institutions 25,250 27,820 Support eosts Governan¢e eost8 Independent examiner's fee 1,151 1.056 Total resources expended 30.387 32,739 Net illeome before gains and los 10,297 6.976 Reali8ed recognised gaifjs and losses R¢alised gains]{losses) on fixed asset invesmients {3,390) Net incnme 10,297 3,586 This pag¢ does not forn) part of the statutory fmancial statements Page 10