Charlty rngl%tr•tlon number 229861
THE WALTER HIGGS CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5APRIL 2026
JRW
HOGG &
THORBURN

THE WALTER HIGGS CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Tnwto
KJSKTh)tt
N J KTh>tt
E J KnrAt
Ch•rlty r•glBtr•tkin
229881
Prln¢lwl •ddm¥
ChiFpkwJ Ncrf
EnglaTrJ
OX7 4HH
Ind•poDd•nt•x•nlMr
JRW Ho99 & ThybLKn LLP
Ch*t¢r•dAC￿rtI*ts
19 Bucdeuth Stroet
HB*i(*
TD9 1)HL

THE WALTER HIGGS CHARITABLE TRUST
CONTENTS
g•
Stthm8nt •Xlvit
8-10

THE WALTER HIGGS CHARITABLE TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 5 APRIL 2026
The fir￿n￿l statements I￿0 bw wyred in *ith the accwntiTrJ P)r￿e8 set out h noto I to th8
flnand81 stalemerrts and compty wtth th& tru8fs dwnenl. the Cha￿t*S Act 2011. FRS 102
FInana￿ Reporting Standard apF4ico1kn in UK and Repulslc of Irdan(r and the Chantr8s SORP "P£touth"ng
and Reports￿ by charIt￿.. st¥lement of R￿(￿mended Practlce 8p￿ to tharrtles 1*8parfng ¢hwr 8r£oLnts in
accordar¢c• *Ath thè FI￿￿jaI RewUryJ Slandard aF%￿cable in tr* UK atyj RepubSi¢ of 1rdar￿ IFRS 1021..
ObJ•etlv•• •nd I￿1¥111$¥
The trustees hav8 the p?￿r to aFpty th• irKern of ￿ Th*1 fiy SL*h th8rft•blB PWP)Be8 as th&
Publk b61ngfft
The ￿￿te88 c4mfinn that Ih8y have r•feff•d to ts wid8￿ c4Nts1r￿￿l In the Charftles Ccffimlsslon'g 9en•ro1
guklance on pU￿1C b•n•fft when royiwmng the Tn￿1,4 aims ct¥eL*v6s and m pjannlng fijtufv activ￿¢8.
The tru¥te•J pakl du• rngard to by Chwty c0rnmlseb￿ In dedthryj wh¥1 t
Trust sh(Ald und8rtak•.
Aehl•v•m•nts •nd p•rforyn•nc•
Significant adwrtles and￿Vernone$ obpcfhes
irustoeB manage th• invostrn•nts Gl the Tr￿t to kKx•a•lrg r•d ov•r fong tthm, there
•naÈ41r¥J to hye•M Ihelrdwit•t48 U￿rI￿1•.
Fln•nclal r•vlow
Th8 trusts8$ mado gT8nts for ch*ft￿0 purF#)W 88 In the &atemenl of Fknanclal Activlll8s. The ntl
a￿13 of tho Trust have irma8ed ctynp8Ted to that of the pre¥Km￿ year ￿lmarIly to riot galng on Inve¥tmen¢g
(￿n9 the yew. Th• cloglng luThJs h*J *•re £1.$54.05812025. £1,448.27n. 811 r•latirwJ to UmStrkt￿ fiJnd8.
Apart from Inve8tmMi manag9m￿l fees WKI coth of1￿ Ir#*end•nl EX￿iner, Twjt ha8 no other rKJ8t8
vthlch n•c8sslt8t¢ 8 fe8eNeg ftmd thts trLtyt8￿ th•refty* res¢fv•d not to mairtsln such a fund.
Pl•M for p•rtodB
Th• Trust ams to to SLWUt a varf•ty olc*•rt¥bb• bo(les.
struclur•. go¥•rn•nc• and manty•M•tht
Th• tr￿te•S vtho rye￿1 dwlng th• y•or and ￿ tothe d* ofswre oftho fmrthl tht8m¢nts %*re.'
KJSKnoit
NJKnott
EJKnott
Remjitnpnt 4nd 8pwntff*nl ofIn￿l
Foundatn)n 8ndA(krttn￿Im)n oflhe Chaity
The K¥tter Higgs Charil*le Tnjst was ltyJNJ8d rm 18th Del?nt￿ 1952 by Mr Vkn Frnnk Hi9u& Et wa6
r8*tered ¥￿th the Chwities corn￿￿ On 23rd 1964.

THE WALTER HIGGS CHARITABLE TRUST
TRUSTEE8' REPORT (cowllNUED)
FOR The YEAR ENDED 5 APIUL 2028
Ut
J*x

THE WALTER HIGGS CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE WALTER HIGGS CHARITABLE TRUST
I repcwt to the trustees on my oyAmlnth ot financ&￿ StrteM￿ ofTl* HvJg8 CharitaL4eTru¥t Ith• tnthl
for th6 yèar erthd SA￿￿ 2026.
R￿ponsibIlItIe$ #nd ba¥h of report
As tha trustees of the trust you ar• r8$p￿}￿lIe rK•pwabNI ofthe finaTrxl 8talThnts in a¢>xrdtsn¢o t•Ath th
roqiMrarrAnl$ olts Chprili85A¢t 2011.
I report in reswx ol my examNb8tson of the statern￿ts ¢8rri•d unthr a**on 145 of tho Ch8riti
Act 2011. In Can￿ng out my exarrlnalknn I lh8 Dirtrji￿ 9Nen Chwity CommM&4)n un¢J•r
$¢ctI￿ 14515}Ibl oftr* Charfb8sAd 2011
llld•p•nd•nt •X￿)In1¢* •l•l•m•nt
I ¢x4npW my •¥amin#l¥)n. l co)1￿M th¥1 M rn•tt•rn hw• com• to my •tt•rfem In o)nn•ctk)n wth tho
examinatlon glving rne Gguse to ￿lI￿ve itwt In arry materid respocL
accountif¥J re(yJth were Thyl kepi n re¥pect Oftt￿ trust •$ r¢qmd ty g•cllon 130 ofthe CY4rftl•8A¢t2011.
lh• financLql stat8m•nts do not wlth tw retsjfds".
fin8nd￿ 8tatemenl8 do not comF4y the aPFth'cat4e reqLlrements ¢on¢emlrrfJ the form and ¢ont•nt of
ftn•n¢wl itol•m8nt$ set oul Ch•ibJes (Acco￿ts Rep￿￿> R•gLI8tSM$ 2LbJ8 othar Ihgn any
requirement that the flnandal slatements k¥v• • Iruo aThJ l•lr th. 1$ not • mgtt•r ￿nSid￿l*￿ ￿ pert of
an independ•nt exam*wOon.
shO￿d be drawn In thi8 repjrt in order to enat48 a prw und8rstaFKllng of th? financi￿ st•temerrt8 to be roa¢h•A.
Joann• Glb•on
JRWHo99 & Thjrbum LLP
Ch8rtw•dAccc*Jnt
19 Bucdeuch Streot
Hawck
Roxburghsfire
TD9 OHL
3Q July 2¢)28

THE WALTER HIGGS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUIffj
FOR THE YEAR ENDED 5 APRIL 2026
Unr#trlct•d Unrogtrlct•d
lund•
funds
2026
Ineom• from:
In￿tr￿er￿*
47,188
43.527
Tol•l In¢om•
47,186
43.527
Expondlturn on:
R818lrrfJ lund$
Charitable activltieB
4.574
39.570
4.315
35,485
Tol•l •xp•ndltur•
44,144
39,780
N8t on Inv•slme
10
102,739
754
N•t Incom• •nd mOV•n￿t ln fund•
105,781
4,501
R•concllhllon ol tsnd•:
Fund W8n¢e$ at 8 April 2tr25
1,448.277
1,443,778
Fund b•l•ncM •t 6 Aprfl 2
1,554,058
1,448,277
Th& nole• on 8 to 10 frym M ofllwo ffirwfy•l

THE WALTER HIGGS CHARrfABLE TRUST
A8 AT S APRIL 2026
IJIJA47
C•th
10311
1A483n
14
1.864,1)58
1J54A160
1A4Jxn

THE WALTER HIGGS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2026
Ae¢ountlng pollcl••
Charlty InforrnthTr
Th8 Hi938 Charilabbe TnAt is c(xth¥W by Its gwnlNJ a deed of PAVJ cor6l1ut89 8n
unInCorp￿ated (tsrity.
1.1 B•BIg of pr•paTrtlon
Tha flnanck5 st8t•ments h¥• pr8pw8d in amydanc4 vlith tho gO¥￿I¥j docuM￿t. the Charits$
Ac# 2011. FRS 102 Yhè R8pth"rvJ stal￿rd applKat>lo in ￿ UK and ReputAk of Ireland, and th
Charits8 SORP 'AcAyxnb'rvJ and Rer#)rbno by Chwties". Statom6Trt ￿ Rec(thmended PractKe applic8bkn 10
chariii•s Pre￿n9 thotr acc(yJnts n acC￿￿•¥￿e wilh ts Fln•Thi)l R*wbtYJ Standard app1kgb￿ In th8 UK
and ReWl4￿ ol Ird8ThJ IFRS 1tr21". The tru¥t is 8 PL*sl* 8enefft Entity as defin8d by FRS 102.
Th• tru8t has ¢ak•n advarrt•g• of tho the SORP for thart588 to pr•por• a 8tAt•m&rt of c4¥h
finandal slat8m•nt8 we prwr•d in storfing, *llch Is Iho furthw vjrnicy tnAI. Monatary
Th8 flna￿aa1 8tstements h•ve beon prepar•J tho lu8tMc•l rg)8t wv8ntk)n. wmh the excepttin ol
prtm•nts ￿th1¢h gf• indud•d at maiket value. a8 rnc¢￿￿d ty Ihg r•valuatiw of c•rtaln ass•ts. Th•
1.2 Goln• conc•rn
At th8 tlm8 of &pwoving the finan(Jal st8tern￿. the tNstees hwe a re86wabkn exp•d•Uon th* th• trust
h¥8 èdaquo1• ra￿r￿& lo ¢onlnu8 In q)ernUeAwl 6￿$ter￿• lor tho fc*e8e8able futLYe. Thus lh• tr￿te•S
1.3 Cth•rltsbh
Unre8lri¢ted fLthth or• •¥oil•bkn k* at tr* dlau•Ocffi of trus1￿* in furtharwKe of thak charft¥bl&
1A In¢on
If￿0m8 is reccgnlsed th• InMI Is f•gaty enlYe(J to rt after ary pwfO￿ane• conditicn¥ haN* b••n m¢t,
Cash donallons are recognised on r•cotpt. Otsr dLThb005 we rwiwj GYKe the trv5t has ￿￿$<1 of
the donavon. unloss pwbmiarK8 cOThJMi￿ f&4ulre defe￿￿ olthe amlxmt. Ir￿orne tax recoverat￿e in relation
to d¢natkM re¢w•J UKler GrfIN￿ or de¢ds of¢>)v•n•rt 1$ 81 tr* tim• ofth• rknn8￿on.
ac￿ are r•ttsJr*d ¢)n 01h•A￿l• 6t IM lftAt has l)••n r￿￿Trad of ￿ imp•￿{ng dlstrfbukn. the
8mourt is kno4￿, arKI r•c•lpt fis 11 the am(Allrt 15 rrt)t kn(p￿. Ihe legacy Is treat8d as g c4)nti￿ent
1.6 Exp￿dItuT•
ExFendrtwe 18 recognised there ib a Ct4igation tp lrnnsfer e¢crfM)mic benefft to 8
third party, rt is prob8bk* that 8 tra￿ of•c(>r￿￿ txnofts will be rwuKed in setuement. the mnt of
thè oblig#thon can be meagjrnfl relK*ty.
n¢kn is dasgfied ty acts¥ty. The costs of eath aLtrity are made up of the trAal of ¢thrfft costs and
sharnd costs, induth.ng support cosls In¥c4¥ed In U￿￿￿￿1¥￿ eath 8cb"vty. Cmrect costs 8ttritsthaL￿ to a single
activlty arè 8IIo¢*ed 41￿clty to that a¢tMty. Shartd costs which cofttritwJt• to mL¥S thgn ong *￿vrty &ftd
support costs whith a¥• nol attli￿tle to a admty are apwrbcn8d those a(*vit*s on a ba*s
o)nsintent with the tsjse of resources. Central siaff costs are altrated cfi the ts￿'S of ty.me gwiL and
depredation th*g•i are auC￿t￿l on wti¢)n ofthe •sseYs usa.

THE WALTER HIGGS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2026
A¢¢ouniing polkl
Icontlnuodl
but not r*Lruod 88
1.6 Flx•d aJ••t Inve¥lment•
Fixed 8SS¢t in¥￿￿￿$ are intliBMy me•Sur￿ 01 trsns•#v)n fv 8xd(k*rrfJ transaction ￿81¥. and 8
8ub8equentty meagjred at falr value at each report¥lg dth. Chan9ès in tsit Val￿ are recctyJni58d in nel
1.7 a￿1¢ flnanclNI
Bawc finandal ast•ts, IrK4ud• d•blcis cash bank b￿rn. we Initlalty mea$ured ot
tr8n6adon prir* induding trans8L*on costs ar￿ wbs¢qLWrtty ¢Arri•d at amcrftised cost th8 el￿tiVe
nt•re8t method unl•ss the arTarvJwn￿t consbtrrtes & fin￿￿4r9 tr¥n8•dion, ￿er• th• tran¥actron 18
m•¥wred at th• k¥•senl Val￿ of Ihe fijiure dMec*Jnt•d at 8 market rate of hrtmt. Financial ass&ts
1.8 Ba•lc financl•l Itabllltl
8a&c financial IwbSltses, inclu¢Jry rJeditcn and bank loans ar& r•¢*>Jnl#•d at tran8actlon Fthe unkryss
arr¥ryment conthut8s 8 flMrKing tr8nsac￿0n, vthore the detl in8trLwnent 1$ measured ul th8 Prasent
of the lulU￿ ￿Y￿ents di•tsxrt•d th • m¥rt•t r•t• of *rt•rn*. FInVK￿ lo￿"¢￿1 dA￿f￿d as ￿Y¥b
within Or￿ year art not amorti8•J.
op•raOon$ from suppllèrs. Amourts pay8￿1 ar• da88lfi•J as currerrt liabikkn M payment is duè thln ono
r or l*$$. 11 not. thoy •r• w¢sented as non-eJThnt Itabilllks. Trade uedrtor8 we recogniBed Inlually at
nBactiCffi fv and iubwuorty at •nortlwl L))st Ilw Inl•r•8t method.
Finandol tlakn1lu￿ ￿ dwecognimd 7Atsn the truth •xpr• +y w• dts¢harpa or
ncdled.
Ineorn• from Inv•8trn•nts
Unre•trict¢d Unr•striet¢d
funds
funds
2026
2025
In￿m$ from listed inveslrn
Int¥•st r8CQtvaNe
46.912
274
43,323
204
47,186
43,527

THE WALTER HIGGS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2026
Exp•ndllur• rnljlng fvnd•
Unr•BtrlcW Unr•strtctsd
fund•
funds
2026
2026
Invwlm•nt m•n•g•nw
4.574
4.315
Exp•ndltur• on Gh•rii•bl• •cllwl
Grnnt
maklng
2028
Grnnt
maklng
2026
DlY•¢t co•ts
Gr•nl I￿￿1￿j of •cllt41U•s {•e• Sl
38.310
3d,285
8har• ol •upport •nd go¥•m•n¢• ¢o•ts {M• nol• •)
Support
1,280
1.200
39.570
35,485
AMty•h by fund
Lknre*ri¢tsd fvr
39,570
35,485
Grnnts pay•bl•
Grant
m&klnH
2028
Grnnt
maklng
2026
Gr¥nts to ko¥l(rtlo￿.'
kfjton Tru8t
Chlppty Nortcffl TW?
SFdsbury PCC
Ex•tsr CdlwJ8, Ur￿¥￿S0ty of Oxfry
C￿lege, Oxford
The Old BokehJuse
15,000
2.500
1,000
10,000
10.000
10,000
1.000
Lws Shipl•y. Comes to TlyM• Foc
11 ￿￿hlbakd Celki Develcwrth
CotswDkl RiversTru8t
Akhe5[r￿rn Rgwrd)
2.010
2.250
4,785
38,310
34,265

THE WALTER HIGGS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED S APRIL 2026
Support co•ts •llocat•d to KIMI
1.200
An•ly8•d t￿l￿•n.
Grant ma￿rrfJ
1,280
1.200
N•t mDvom•nt In fund•
2026
2026
•t¢m•nts
1.280
1.200
Non• ol th• IN￿••• (or •ny FW¥￿8 conn**l w*h thwnl any ¢< ben•fits from th8
Ernploy•
2026
Nwnb•T
2025
Numb•r
Totsl
10 Qaln• and on Inv••tff
UnY••trlctgd Unr•wtrlctgd
fvndB
fundi
2026
2028
ReVa￿￿tIon ofln¥p8trn•nts
1W2,739
754
11 Taxalon
The tharty IB exemptfmn taxe1￿ on ils aLXThfjO8s bocaLwe all ilB 18 8pplied tr tharitabkn

THE WALTER HIGGS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED S APRIL 2026
Invwlm•nts
Co•t or ￿luAt￿n
At 8 Ayll 2025
A¢hJMons
1,430.228
40.857
102,739
129,977)
At 5Ai*ll 2028
1.543,847
C•nylng amount
At 5411￿ 2028
1,543,847
At S 2tr25
1,430,228
13 Cr•dllorn." •fflount• f•Ulry du• •n•y••r
2028
2026
2,230
14 Unr••trkt•d lund•
not suW8ct to Spad￿ ¢>ybJHion$ by (IryK￿ WKI sTrntors a8 to htywllw may be Those Indud•
AI I A￿1 IncomlrwJ R••wN• G•ln• Ind
YJ2S •xp•nd•d
At 6 Aprll
2026
Genwal fv
1.4482TT
47,1e8
144.144)
102,739
1,S54.058
Al 8 Aprfl
In¢Milng R••ouYu•
Gtsln• •nd
At 8 Aprll
2025
General fun¢JS
1.443.T16
43.527
139.780)
754
1.448277
DonatKTh totalling £7.5(X) were pald t0AJtht￿} Emma Knott Is ¥ truste8. Erfflm Jw
I<￿tt did take p￿1 in ¢J•¢iwi to to Tn*t
-10-