REGISTERED CHAIUTY NUMBER: 229861 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEN1ETrs FOR THE YKAR ENDED 5TH APRIL 202S FOR THE WALTER HIGGS CHARITABLE TRUST JRW Hogg & Thorbum LLP Chartered AccountltY 19 Buccleuch Street Flawiek Roxburghshjre TD9 OHL
THE WALTER HIGGS CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025 Page Report of the Trustees Independent Examiner's Report ststement of Financial ActiTrTrties Balanee Sheet Notes to the Financial Statements 6 to 10 Detailed St*tement of Financial Aetivstie5
THE WALTER HIGGS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2025 Thc trustccs prcscnt thcir rcport with thc financial statcmcnt8 of thc charity for the year ended 5ih April 2025. The ttuslees have adopted the provisions of Accouniing and Rcporting by Charitics. Statement of Recomtnended Practice applicable to charities preparing their accounts in accordan¢e with the Financial Reporting Siandard applicable in ihe UK and Republic of Ireland (FRS 1021 {cffective l January 2019) OBJECTtVES AND ACTIVITIES Objeetives and aetivities Thc Trustees have the power to apply the incomc and capital of the Trust for such ¢h2ritabl¢ PUTPOSCS as the Trust¢¢s shall from time to time in th¢ir ab501ulc discrction dctcrmine. The Tntstees have continued throughout the year to suprx)rt a variety of charitable activities. The Tnlstees confllm that they have referred to the guidance contained in the Charities Commission's general guidancc on public bcnctit when reviewing the Trust's aitns and objectives and in planning future activities. Th¢ Tnjstees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. ACHIEVEMENT AND PERFORMAP4CE Achievements and perform#Dee The 'frnstees manage the investments of the Trust to produce an increasing real income over the long tenn, Ihcrcby cnabling Ihcm to increasc thcir eharitablc giving ovcr timc. FINANCIAL REVIEW Financial review Thc tTU5tees have made grants for charitabl¢ purp05¢5 ps shown in th¢ Stat¢iT]¢nt of Financial Activities. The net assets of the Trust have remained similar io that of the previous year primarily due to A small increase in the market value of the invcstments. Reserves policy Apart from invcstmcnl management ftts and the costs of the Independent Examiner. the Trust has no oth¢r Losts which necessithte a reserves fifftd and th¢ Trust¢¢s hav¢ ther¢fore resolved not to maintain such a fund. FUTURE PLANS The Trust dims lo cotttinue to support a variety of ¢haritabl¢ b(Mlie5. STRUCTURE. GOVERNANCE AND MANAGEMENT Goyerning documeDt The charity 15 controlled by its govcrning document, a deed of trust and constitutes an unin¢orporated charity. AppDilltment of Trustees Futurc Trustecs arc to be appointcd by resolution of the Trustces passcd at a special meeting. Foundation and Administration of the Charity The Waltcr Higgs Charitabl¢ Trust was founded on 18 Decembcr 1952 by Mr Walter Frank Higgs. It was registered with the Charities Commissiun on 23 March 19()4. Page I
THE WALTER HIGCS CIL4RITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2025 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 229861 Principal address Thc Dowcr House Lidstonc Road En510ne Chipping Norton Oxfordshire OX7 4HH Trustees Kevin John Sclwyn Knott NiLola Jane Knott Emmajane Knott IdependeTrt Examiner Joannc Gibson JRW Hogg & Thorbum LLP Chartered Accountants 19 Bucclcuch Strcct Hawick Roxburghshire TD9 OHL Approved by order of the board of trusiees on L4July 2025 and signed on its behalf by.. Kevin Jo Sclwyi oti- Trustee Pagc 2
INDEPF.NDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WALTER HIGGS CHARITABLE TRUST Independent examiner's report to the trustees of The Walter Higgs Charitable Trust I I"¢porl t() the cliariN' trustees on m), ¢xamination ol. the accouiits of The Walter 14iggs Charitable Trust l(he Trust) for the year ended 5th April 20?5. Re$ponstbilities and basis of report As the cliarity trustees ot. the Trusi vou ar¢ responsible for the preparation of the accounts in accordan¢¢ with the requiremenls of the Charities Act ?01 I I'the Act,). I report in respect of my examination of the TnJst'8 accounts carried out Linder Section 145 of the Act and in canying oiii my ¢xainiiia(ioii I l)ave followed all applicable Directions ¥Tiven by the Charir), Cominission under Section 145(5){b) nf ihe Act. Independent examiner's statement I have complct¢d m), examii)atioii. l ¢c)i)firin il)at iio Inaterial mailers hav¢ coiiie to Iny atteiition in coi)nection witli the examinaiion giving me cause to believ¢ that in any material respecl.. accoui)ting records ivere not kept in respect ol'the Trust as required by Scctioii 130 of tl)e A¢t; or tli¢ a¢¢oiints do nol accord witl) thos¢ r¢¢vrds; or Ihe accuuiits do not eomply i1th Ihc applicable requirements concerninb the fromi and coiitenl of accounts set out in th¢ C liarities (Accouiils and Repofls) Regjulations ?U08 other Ihaii any r¢qiEireiMent thai ihe accoltnts give a true and fair view which is not a maner ¢oiisidered as part oran independent exaii)1iiation. I liave no concci'lls and liave coine a¢i'oss 110 other matters in coiine¢tioii with (he exainiiiation to wl)i¢h attention should be drawn in (his report in order to enable a proper understaiidiiig ol- the a¢counts to be reaLh¢d. Joanne Gibson JRW 14ogg & Tliorbum LLP Cl)artered Accountants 19 BuLLleueli Street Hawick Roxburglishire TD9 OHL 26ih August 2025 Page 3
THE WALTER HIGGS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YLiR ENDED STH APRIL 2025 2025 Unrcstricted li]nd 2024 Total funds Notes INCOME AND ENDOWMENTS FROM DonatiL)ns and Icgacics Investment income 43,527 40,666 Total 43,527 40,684 EXPENDITURE ON Raising ndS 4,315 3,986 Charitable activities Grant making 35,465 26.401 Tot*l 39.780 30,387 Net gains on invtstments 754 ,985 ET INCOMF. 4,501 101,2S2 RECOP¥CILIATION OF FUNDS Total funds bi"ought forward 1.443,776 l J42,494 TOTAL FUNDS CARRIED FORWARD 1.448.277 1,443,776 The notes forni part of these financial statements Page 4
THE WALTER HtGGS CHARITABLE TRUST BALANCE SHEF.T 5TH APRIL 2025 21125 Unr¢stri¢tcd fund 2024 Total funds Notes FIXED ASSETS Investincnts 1,430,228 1.404.729 CURRENT ASSETS Cash at bank 20,279 41,151 CREDITORS Amounts. falling, due within one year 10 (2,2301 (2,104) NkT CURRENT ASSETS 18.049 39.047 TOTAL ASSETS LESS CURRENT LIABILITIES 1.448.277 1,443,776 NET ASSETS 1.448.277 1,443,776 FUNDS Unrcstricted funds 1.448,277 1,443.776 TOTAL FUNDS 1.448,277 1,443,776 The financial statements were approved by th¢ Board of Trust¢es ond authorised for issue on LbJuly 2025 and w¢re signed on it% b¢half by.. 5L4tr Kcvi John S] knott - Ttijstee The notcs form part of these financial statements Page 5
THE WALTER HIGGS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025 ACCOUIYTING POLICIES Basis of preparing the financiol statements Th¢ tinancial statements of ihe chdrily, which is a public benefit entity under FRS 102. have been prepared in acLordance with the Charities SORP (FRS 102) 'A¢countin¥ and Reporting by Charities.. Statement of Rccoinmended Practic¢ applicable to charities preparii)b¥ thcir accouiits in accordanc¢ with thc Financial Reporting Standard applicabl¢ in thc UK and Republic of Ireland {FRS 102) leffeciive l January 2019),, Financial Reporting Standard 102 'The Fit]ancial Reporting Standard applicabl¢ in thc UK and Republic of Ireland, and the Charities Act 2011. The financial statcments have been prepared und¢r thc historical cost convention. with the exception of investments which 2r¢ included at market value. as modified by th¢ rcvaluation of ccrtain assets. Going eoneern At thc time of approving th¢ financial statcmcnLs thc truslccs have a rea%onahlc CAPCCtation that the Trust has ad¢quate resources to cotttinue in operational cxistcnce for the forebeeable lutur¢. Thus the truslees Lontinll¢ tv adopt the going concern basis olaccounting in preparing the financial staiements. Fin¥ncig1 repDrting standard 102- reduced di$¢losure exernplion5 The LhtY has tdk¢D adv]tage of the following disclosure exemption in preparing th¢s¢ financial statements. as pennitted by FRS 102 The Financial Reporting Standard applicabl¢ in the UK and Republic of Irela]Id': the requirements of Section 7 Statement of CL%h Flow5. Ineome All income is rOgnISed in thc Statcment of Financial Activities once th¢ charity has entitlement io the funds, it is probabl¢ that the income will be received and the amount can be measured reliably. Interest r¢ccivablc on funds hcld on deposii is sncludcd when reccivable and the amount can be measured reliably by the tTUSt- this is nonnally upon notitication of the inlcrc5t P¢iid or payable by the bank. Expenditsre Liabilities are recognised as expenditure as soon as there is a legal or ¢onstructive obligation committing the eharity to that cxpcnditurc, it is probable that 8 transfer of economic benefits will bc rcquircd in settlement ld the amount of thc obligation can bc Ineasured reliably. Expenditure ig dccounted foi on an accrua15 basis and has been classified under hcadings that aggregate all cost related to ihe category. Where costs cannot be directly attributed to particular headings they hav¢ i*en allocaied to activities on a basis consistent with the use of regources. Granis otTered subjcct to conditions which have not been met at thc year end date ar¢ notcd as a commitment but noi ac¢n]ed as expenditure. Tax¥tion The charity is ex¢mpt froin tax on its charitable activities. Fund accountiNg Unrestricted fimds ¢an k used in accordance with the charitable obje¢tives at the discretion of the tTUSt¢es. Page 6 continued...
THE WALTER HIGGS CHAIUTABLE TRUST YOTES TO THE FINAf*CIAL STATEMENTS- continlled FOR THE YEAR EP4DED 5TH APRIL 2025 ACCOUNTING POLICIES- contillued Financial assets BlC fIncid1 assets. including trade and other debtors and bank balances. are initially recognibed at transaction price. At the Cnd of each reporting period financial assets measured at cost are as5e.s8ed for evidence of impaimjent. Any impaimicnt loss is rccognised in the Statctncnt of Financial Actii'iiies. Financial assets are derecognised when the Contractual tights io the cash flows from the assei expire or ar¢ s¢ttled. Financial liabilities Basic linancial liabilities, including trade and other creditors, are initially recognised at transaction price. Trade crcditors arc obligations to pay for goodq or setviccs that havc beeii acquircd in thc ordinary ourse ot. business from suppliers. These are classed as current liabilities if paytnent is duc within onc year or less. If not they are prcs¢nted as non-curr¢nt liabilities. FinaneiAI liabiliti¢q ar¢ dcrccogniscd whcn the liability is cxtin¥ui.4hcd, that is when the eontr2etual obligation is dischargcd. cancelled or expires. DONATIONS AND LEGACIES 2025 2024 Donations ITrIVESTMENT INCOME 2025 2024 Dividends D¢posit account interest 43,323 204 40,666 43,527 40.666 Pag¢ 7 continued...
THE WALTER HtGGS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5TH APRIL 2025 RAISING FUNDS Investment management Costs 2025 2024 Portfolio rnanagcment 4.315 3,986 CHARITABLE AcfiviTIES COSTS Grant funding of activities {see note Support costs {see note 7) 6} Totsls Grant making 34,265 1,200 35.465 GRANTS PAYABLE 2025 2024 Grant making 34.265 25,250 The total granls paid to itistiiuiions during th¢ year was &$ follows: 2025 2024 Arkleion Trust Chipping Norton Theatre DEBIL The Angus Irvine Playing Fields Fund Sobcll Housc Westerkirk Library Other Spelsbury PCC Exctcr Collcgc. University of Oxford Moreton Show GWCT Langholm Playcar¢ 4W Workshop 15,IJIK) 2,500 15,000 5,000 1,000 1.000 1.000 1.000 1,250 2,365 I,IJIK> 10.O(M) 900 750 750 34,265 25.250 Page 8 ¢ontinucd...
THE WALTER HIGGS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5TH APRIL 2025 SUPPORT COSTS Govcrnance costs Grant making 1,200 Supwrt costs. included in the above, are as follows.. 2025 Grant making 2024 Total activities Independcnl cxaminevs fee 1.200 TRUSTEES. REMUNERATION AND BENEFITS Thcrc wcrc no Iwstees, remuneration or other benefits for the year endcd 5th April 2025 nor for the year ended 5th April 2024. Trustees, expenses There were no tsustees. expcnses paid for the year cnd¢d 5th April 2025 nor for the ycar ended 5th April 2024. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 6ih April 2024 Additions Revaluations 1.404,729 24,745 754 At 5th April 2025 1,430.228 NET BOOK VALUE At 5th Aprtl 2025 1,430,228 At 5th April 2024 1,404,729 Th¢r¢ were no invebttnent asse15 outside the UK. Pagc 9 continued...
THE WALTER HIGGS CHARITABLE TRUST NOTES TO THE FINANCIAL STA TEMENTS- continued FOR THE YEAR ENDED 5TH APRIL 2025 FIXED ASSET INVESTMENTS- continued Cost or valuation at 5th April 2025 15 rcprcscnted by-. Listed investments Valuation in 2025 1,430,228 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other creditors 2,230 2,104 11. RELATED PARTY DISCLOSURES Donations totslling £I5,{K were paid to ArkLeton Tnt, of which Etnma Jane Knott is a uustee. Emma Jane Knott did not take part in the deL'ision to colltinue to SUPFrf)rt Arkleton Tt. Page 10
THE WALTER HIGGS CHARITABLE TRUST DETAILED STATEMENT OF FIYANCIAL ACTIVITIES FOR THE IIAR ENDED 5TH APRIL 2025 2025 2024 INCOME AND ENDOWMENTS Don*tions letieS Donations 18 Investment income Dividends Dcposit account intcrcst 43,323 204 40,666 43,527 40.666 Total incomlng resources 43,527 40,684 EXPENDITURE Investment management eosts Portfolio management 4,315 3,986 Charltsble #etlvlttes Grants to institutions 34265 25,250 Support costs Governance costs Independent examinevs fee 1.200 Total resources expended 39.780 30.387 Iyet income 3,747 10.297 This page does not form part of the statutory financial statements Pagell