SIR E D WALKER TRUST TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY REGISTRATION NUMBER.. 230359 REGULATOR OF SOCIAL HOUSING REGISTRATION NUMBER.. AOS65
SIR E D WALKER TRUST CONTENTS Page TfU8tees' Annual Report 1103 Ac¢ountant¥' Rgport Statgmgnt of Comprohen8lve Income Statomont of Flnanclal Posltlon Statamant of Changès In R688fVéS Statèment of Cash Flow• Notes to the Flnanclal Statements 91012
SIR E D WALKER TRUST TRUSTEES. ANNUAL REPORT 31 MARCH 2024 Status: Sir E D Walker Trust is a registered chanty. number 230359, fomied by the will of the late Sir E D Walkef who died in 1919. The Trust is registered with the Regulator of soc1 Housing registration number A0565. Prlntlpal addrn•s: Sir E D Walker Homes Conisclrffe Road Oarlington Co Durham DL3 8DF Trustee: Sir E D Walker Trustee DlroCtor¥ & Trust•os of Slr E D Walkor Tru$tO0 Mr A MaCConaCh 08E Mrs A J Little Mr S P T Bainbridge Mis B Brown Dr J Gordon - o$igned May 2024 Ms J Middlelc Mr T G Dabb5 Or A C Price Mrs C Sunley Ms A J Hopkins On 25 April 2017 the Iruslees resigned from the board and became directors and Iruslees of Sir E D Walker Trvslee. registered company number 10501084. On the same dale Sir E D Walker Tnjslee became the sole Iruslee of Sir E D Walker Trust. The Trust's profo¥slonal advlsorn are as follows: Roportlng Accountants: Clive Owen LLP Chartered Accountan15 140 Conisdsffe Road Dartinglon Co Durham DL3 7RT Bankers: The Cooperatsve Bank 29 High Sireel Durham DH13PL Solicitorn- Wrigleys 19 Cookridge Sl. Leeds LS2 3AG Investment Advlsors- Brewin Dolphin Investment Management Time Central Gallowgale Newcasile upon Tyne NE1 4SR Charlty obj•ctives: The Charity's objectives are lo eontinue to maintain the provision of high standard almshouses for the needy people of Oadington. Page 1
SIR E D WALKER TRUST TRUSTEES. ANNUAL REPORT 31 MARCH 2024 Activities, achievements. and review The Trust continues lo ernerge out of the Pandemic,. the empty bungalows have been renovated whtch has resLJlted in both an increase in income as well as an increase in costs. As a result. the operating surplus al £4,534 was comparable lo the prior year1£3.9581. However. the investments performed well In the year with a positive movement in year of £22,940 compared to a fall in value of £27.273 in the prior year. Overall, the Tnjsl showed a nel surplus for the year of £36.55512023.' deficil of £15,491 } as sel out in the Sialemenl of Comwehensive IrKxMne on page 5. Public Benefit The Trustees have reviewed the Charity Commission's guidance on the requirement to report on publi benefit. They are satisfied that the work of the Charty. as described in the Charity Objectives, accords with ils slated objects, and provides tangible public benefit lo a wide section of those who reside within the Charity's areas of benefit.. the criteria used to assess those who may benefit is not unreasonably reslriclive. Reserves Income and expendilure reserves are held lo enable the maintenare and updating of bungalows and, to enable the Trust lo update service inslallalions. The tot of these reserves held al the year*nd was £1,225,47912023.. £1.189,6441. The Exlraofdinary Repair Reserve stand5 al £53.46012023.. £48,600). This afflounl wll continue lo be reviewed on a biannual basis al meelings of Sif ED Walker Trustee. Investment policy The Investment Advisors are instructed lo invest al Risk Level 5 which is looking lo maintain the real value of the investments whilst achieving returns above inflation and as such, the porttolio will be more evenly balanced betsveen equities and the combined asset dasses of cash, fixed interest, and allernalives. Structure, Govemance and Managernent The Charity is an unincorporated trust constituted under a trust scheme dated 18 November 1997 and is a registered charity. number 230359, fcKmed by the will of the late Sir E D Walker who died in 1919. Trustees are recruited, when necessary. by continuing trustees. New trustees are given appropriate induction and ongoing training to allow them to perform their duties effectively and fulfil their obligations. The Trustees agree the broad strategy and areas of activity of the chartty ilUding consideration of investment. reserves and risk management pole$ and perforfflan. Trustees. responsibilities Under registered social housing legislation, the trustees are required lo prepare a statement of account for each financial year which gives a true and fair view of the stale of affairs of the Trust al the end of the year and of ils surplus or deficit in the year. In preparing the statement. the trustees are required lo: select suitable accounting wlicies and apply them consislenlly. make judgements and eslimales that are reasonable and prudent. slate whether applicable accounting standards and statements of recommended practice have been followed, subject lo any material departures disdosed and explained in the stalemenl of accounts. prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Trust will continue tts operations. Page 2
SIR E D WALKER TRUST TRUSTEES, ANNUAL REPORT 31 MARCH 2024 Tru¥tfju' rg¥ponsibilities {continuedl The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the Trust al that lime and to enable the Trustees lo ensure that any slalemenl of account prepared by them complies wilh the Housing and Regeneration Act 2008 and the Accounting Direction for private regislered providers of social housing in England 2015. They are also responsible for safeguarding the assets of the Charbty and hence for iaking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees also are expected lo maintain sound system$ of internal conlrd and to review them annually. SIgn on bèhalf of the Trusto•s: Mrs C Sunloy Mr AC Prlce 26 Sapt•mr 2024 Page 3
ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE UNAUDITED ACCOUNTS OF SIR E D WALKER TRUST We report on the accounts for the year ended 31 March 2024 sel out on pages 5 to 12. Rèspoctive responslbllltlès of trustees and reporting accountants The Trustees of Sir E D Walker Trust are responsible for the preparation of the accounts, and they consider that Sir E D Walker Trust is exempl from an audit. 11 is our responsibility lo carry out procedures designed to enable us lo report our opinion. Basls of oplnlon Our procedures consisted of comparing the accounts with th8 accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Sir E O Walker Trust as we considered necessary for the purposes of this report. These procedures provide the orsly assurance expressed in our opinion. Oplnlon In our opinlon.. the accounts lor the year ended 31 March 2024 are in accordance with the accounting records kept by Sir E D Walker Trust under paragraph 13512llal of the Housing and Regeneration Act 2008,. having regard only lo, and on the basis of the inlormalion contained in the accounting records.. the accounts comply with the requirements of the Charities Act 2011.. the Registered Social Housing Provider has satisfied th8 conditions for exemption from an au(Jil of the aecounls for the year ended 31 March 2024 specified in section 136131 of the Housing and Regeneration Act 2008,. and the accounts comply with the rèquirernenls of the Housing and Regeneration Act 2008 and the Accounting Direelion for private registered providers of social housing in England 2019. o_ Cllve Owen LLP Reportlng Accountants Chartered Accountants 140 Coniscllffe Road Darlington Co Durham DL3 7RT 26 September 2024 Page 4
SIR E D WALKER TRUST STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2024 Notos 2024 2023 Turnover 280.141 251.549 Operating expenditu 1275.606 1247,5911 Operating 5urplu$ 4.535 3,958 Inv851menl Income 9.080 7,824 Inleresl and financing costs Movement in fair value of financial instruments 22,940 127,273 Tol81 comprehensive surplus I (def11) for the year 36,555 115,4911 Bfoughl loard Income and Experyjilure Reserve 1,189,644 1.200,995 Transfer from Extraordinary Repair Reserve 14,8601 Transfer from Revaluation Reserwe 4,140 4,140 Carried fornvard Income and Expenditure Reserve £ 1,225,479 £ 1,189,644 These accounts were approved and aulhorised for issue by the Trustees on 26 September 2024 and are signed on their behalf by.. Mrs C Sunley Mr AC Prlce The notes on pages 9 10 12 fcffli pwt of these accounts. Page 5
SIR E D WALKER TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 Notes 2024 2023 Flxed assets Tangible fixed as5els Investments 1,250.694 305,737 1,237,737 289,469 1,556,431 1,527,206 Current assets Trade and other debtors Cash and ¢a$h equivalents 5,257 349,057 7,322 340,688 Creditors.. amounts falling due within one year 10 111,3731 112,399 Not curr•nt aS$Ot$ 342,941 335,611 Total ass•ts1•88 CUfr•nt 1SabSlltlo8 1,899.372 1,862.817 Total Det assets 1,899,372 1,862,817 Resorv61 Income and Expenditure ReseNe Extraordinary Repair Reserve Revaluation Reserve 1,225.479 53.460 620.433 1, 189.644 48.600 624.573 £ 1,899,372 £ 1,862,817 IEa&Z•ZZ These accounts were approved and aulhorised for issue by the Tnjslees on 26 September 2024 and are signed on their behalf by.. Mrs C Sunley Mr AC Prlce The notes on pages 9 10 12 form part of these acrounls. Page 6
SIR E D WALKER TRUST STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2024 Income and Extraordinary Expenditure Rgpair Reserve Rgsorve Rgvaluation Reservo Total Reserves As at 1 April 2023 1,189,644 48,600 624,573 1,862,817 Surpus from Sialement of Comprehensive Income 36,555 36,555 Transfer {7201 4,860 14,1401 As at 31 March 2024 £ 1,225,479 53,460 £ 620,433 £ 1.899,372 Page 7
SIR E D WALKER TRUST STATEMENT OF CASH FLOWS AS AT 31 MARCH 2024 2024 2023 Net Cash generated from operating activities Iseo Note 1) 40,065 31.620 Cash flow from Investing activitigs Purchase of tangible fixed assets Purchase of Investments Sale of investments 138,368) 136,0881 42,760 {27,096 126,003} 25,133 Net change In cash and Cash equivalents 8.369 3,654 Cash and cash equivalents at beginning of the year 340.688 337,034 Cash and cash equivalents at end of year £ 349.057 £ 340,688 Note 1 Cash flow from operating activities SLJrplus I IDeficitl for the year Unrealised Igainl I loss in market value of investments Depreciation charge Loss on sale of fixed asset investments Decrease I lincreasel in trade and other debtors (Decrease) l increase in trade and other creditors 36,55S 123,3871 25,411 447 2,065 11,0261 115.4911 24,291 21,835 2,963 13,4731 1,495 Cash generated from operations £ 40,065 £ 31,620 Page 8
SIR E D WALKER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1 Legislativ8 Framework The Trust is registered as a charity under the provisions of the Charities Act 2011 and is a Registered Social Housing Provider. 2 Basls of accounting The financial slalemenls have been prepared in accordance with The Financial Reporting Standard 102 the applicable reporting standard in the United Kingdom and Republic of Ireland IFRS1021, the Slalement of Recommended Practice". Accounting by Registered Social Housing Providers120181 and with the Accounting Direction for private registered providers of social housing in England 2019. The accounts are prepared in accordance with the historical cost basis of accounting except as modrfied by the revaluation of investments and certain fixed assets. The Trust is a public benefit enlily under FRS102. 3 Accounting policies The following accounting policies have been used consistently in dealing with items which are considered material in relation lo the Charity's financial slalemenls. Housing Propertles Housing Properties are recorded at the figure at which they were revalued in 2017. Depreciation Depreciation is charged al the following rates.. Land no depreciation Buildings 2010 straight line Plant & Equipment- 25,/0 and 12.5Q/o slraighl line Fixtures & Fillings 250/0 slraighl line CompLJler equipment _ 33.330/0 slraighl line Turnover Turnover is represented by contributions receivable from the licerisees of the almshouses, renial income and donations and legacies. Investment income Investment income is regnised in the accounts when Il is received. Investmonts Quoted investments are valued al the mid-market price at the close of business al the year end. Unitised inveslmenls are valued al the average of the bid and offer prices or, if the bid price is not available, by adjuslmenl lo the offer price. Pension costs A defined contribution pension scheme is in operation and the pension charge represents the amounts payable to the fund in respect of the year. Valuo Added Tax As the majority of Sir E D Walker Trust's activities are classified as exempl or non-business activities for the purposes of value added lax, Sir E D Walker Trust is not VAT registered and so is unable lo reclaim the VAT which il suffers on ils purchases. Expenditure in these financial slalements is therefore show inclusive of VAT. Extraordinary Repair Reservo This is a designated fund sel up lo allow the Charity lo continue in the event of something occurring which is out of the ordinary course of business. In essence. the reserve is there lo cover the short-lerm costs and allow the Charity lo continue lo operate should such an event occur. Some of these costs may ultimately be recovered through insurance. The reserve calculation is based upon such an event. Page 9
SIR E D WALKER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 4 Turnover 2024 2023 Turnover is derived from.. Contributions Rental income 264,121 16,020 235,529 16,020 280,141 251,549 Voids for the year amounted lo 56,754 64,349 5 Investment Income 2024 2023 Dividends received Interest received 7,518 1,562 7,516 308 9,080 7,824 6 Staff ¢o$t$ Staff costs were as follows.. 2024 2023 Wages and salaries Pension costs 62,331 1,874 58,141 1,675 64,205 59,816 The average number of full-lime equivalent staff employed by the Charity was as follows: Adminislralion Warden support Eslale Page 10
SIR E D WALKER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 6 Staff costs Icontinuedl The average number of staff by headcounl employed by the charity was as follows.. Adminislralion Warden support Eslale The total remuneration in respect of key management personnel was £nil12023'. £nlll. The number of employees earning more than £60,000 was nil12023'. nill. 7 Tanglblo Flxod Assets Plant and Equlpment Housln9 PTopertl•$ Total Cost I r•valuatlon: As al 31 March 2023 Additions DisP05a18 60,615 38,368 1,250,000 1,310,615 38,368 As at 31 March 2024 £ 98,983 £ 1,250,000 £ 1,348,983 Doproclatlon: A5 al 31 March 2023 Charge for the year 23,678 9,011 49,200 16,400 72.878 25.411 As a131 March 2024 £ 32,689 65,600 £ 98,289 Ngt book value.. At 31 March 2024 66.294 £ 1.184.400 £ 1,250,694 Al 31 March 2023 36,937 £ 1,200,800 £ 1,237,737 Housing Properties were valued based on the existing use, occupation, and covenants on 3 Augvsl 2017 by the Board, supported by a chartered surveyor. The land and building conlenl of the valuation was £430,000 and £820,000 respectively. If the Housing Properties had not been revalued, they would have been included in the Balance Sheet al the following historical cost- 2024.. £613,00712023.. £613,007). Page 11
SIR E D WALKER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 8 Investments 2024 2023 UK based Investments Ilistgdl Market value at 1 April 2023 Additions Equalisalions and adjuslmenls Disposals al cost (proceeds £43,124, realised loss £4471 Unrealised Profil I Ilossl in market value 289,469 36,088 364 143,5711 23,387 315,853 26,003 19 128,1151 124,2911 Market value al 31 March 2024 £ 305,737 £ 289.469 Historical cost at 31 March 2024 £ 277,806 £ 285,562 9 Debtors 2024 2023 Other debtors 5,257 7,322 £ 5,257 £ 7,322 10 Creditors: amounts falling due within one year 2024 2023 Creditors and accnjals 11.373 12,399 £ 11,373 £ 12,399 11 Taxation All of the Charity's income is applied for charitable purposes and therefore the Charity is exempt from taxation. 12 Remungration to reporting accountants The total paid lo the reporting accounlanls by the Charity related lo the following services.. 2024 2023 Accountants, report £ 2.220 £ 2,094 13 Accommodatlon under management The Trust has 55 units for general needs housing. A further unil is provided for accommodation for the Manager al the going rate. The Trust also owns two units of non-social housing stock which are rented on the open market as private dwellings. Page 12
Appendix 1 SIR E D WALKER TRUST INCOME ANO EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Income Contributions Rental income 264,121 16,020 235,529 16,020 280,141 251.549 Loss overheads Salaries and wages Pension scheme contributions Mobile warden Telephone Grounds Council lax and water rates Heating and Iighling Repairs and renewal$ Borehole invesligalion Insurance Sundries Warden call system Legal and professional fees Bookkeeping el¢. Reporting accounlanls. remuneration Depreciation 62.331 1.874 19.503 1,651 6.360 28,946 42.188 50,438 58,141 1,675 15,620 1,4S1 10,020 20,680 38,667 29,904 16,362 s,986 14,571 2,478 6,184 1,923 2,094 21,835 6,581 20,582 2,478 3,101 1,942 2,220 25,411 275,606 247,591 Not operatlng surplus for the year 4.535 3,958 Other incom• Bank deposit interest Dividends 1.562 7,518 308 7,516 9.080 7,824 Othar Expans•s Loss on sale of fixed asset investments 14471 {2,9821 Nèt surplus for th• year Change in market value of inveslmenls 13,168 23,387 8,800 124,2911 Overall surplus I Ilossl for the year £ 36,555 £ 115,491 This page does not form part oflhe Statutory Accounts.