SIR E D WALKER TRUST TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 CHARITY REGISTRATION NUMBER.. 230359 REGULATOR OF SOCIAL HOUSING REGISTRATION NUMBER: A0565
SIR E D WALKER TRUST CONTENTS Page Trustees. Annual Report 1103 Accountants, Report Stat8ment of Comprehensive Income Statement of Flnan¢ial Po$ition Statement of Changes In RvI•S Statement of Cash Flow& Notes to the Financial Statements 9t0 12
SIR E D WALKER TRUST TRUSTEES, ANNUAL REPORT 31 MARCH 2025 Statu$: Sir E D Walker Trust 15 a registered charty. number 230359, formed by the will of the late Sir E D Walker who died in 1919. The Trust is registered with the Regulator of Social Hou51ng registration number A0565. Prin¢lpal address.. Sir E D Walker Homes Coniscliffe Road Darlington Co Durham DL3 8DF Trustee.. Sir E D Walker Trustee Directorn & Trustees of Slr E D Walker Trustee Dr A C Price- Chairman Mr A Macconachie OBE- resigned 25th December 2024 Mrs A J Little Mr S P T Bainbridge Mrs B M Brown Dr J Gordon- resigned 151n May 2024 Ms J Middleton Mr T G Dabbs- resigned 11th October 2024 Mrs C J Sunley Ms A J Hopkins Mr J A Holliday- appointed 111h March 2025 On 25 April 2017 the trustees resigned from the board and became directors and trustees of Sir E D Walker Trustee, registered company number 10501084. On the same date Sir E D Walker Trustee became the sole trustee of Sir E D Walker Trust. The Trust's prof•$$lonal advlsors are as follows: Reporting Accountants: Clive Owen LLP Chartered Accounlonls 140 Coniscliffe Road Darlinglon CD Durham DL3 7RT Banke.. The Cooperative Bank 29 High Street Durham DH1 3PL Solicitors- Wrigleys 3 Wellington Place Leeds LS14AP Investment Advi$oTS- Brewin Dolphin Investment Management Time Central Gallowgale Newcastle upon Tyne NE1 4SR Charity objectives- The Chartty's objectives are to continue lo maintain the provision of high standard almshouses for the needy people of Darlington. Page 1
SIR E D WALKER TRUST TRUSTEES, ANNUAL REPORT 31 MARCH 2025 Activities, achievements, and rnvS•w The empty bungalows were renovated during the ygar leading lo an increase in income. However, the cost of renovating the bungabws significantly outyveighed the increased rental income resulting in an Operating Deficit of £63,025, compared lo last year's Sufplus of £4,535. The increase in other income of £36.224 was offsot to an extent by the unrealised loss in market value of the investments portfolio 01 £18,87412024.' increase in value of £23,387), resultin9 in the Trust showing overall a net deficit lor the year of £36,59512024.' surplus of £36,555) as sel out in the Statement of Comprehensive Income on page S. Publlc 8on¢flt The Trustees have reviewed the Charity Commission's guidance on the requirement lo report on public benefit. They are satisfied that the work of the Charity, as described in the Charity objectives. aecords with 118 staled tsbjecls, and provides tangible public benefit lo a wide section of those who reside within the Charity's afeas ol benefil.. the crrteria used to as508s those who may benefit is not unreasonably restrictive. Income and expenditure reserves are held to enable the maintenance and updating ol bungalows and, also to enable the Trust lo update service installations. The lolal of these reserves held al the year-end was £1,193,02412024.' £1,225.4791. The Extraordinary Repair Reserve stands al £S3,46012024.. £S3,4601. This amount will continue lo be reviewed on a biannual basis al meetings of Sir ED Walkèr Trustee. Inve$tm•nl poll¢y Th8 Invoslmenl Advisors are instructed lo Invest al Risk Level 5 which is1gDking lo maintain the real valuo of the inveslmenls whilst achieving rèturns abovè inflation and as such, the portfolio will be more evenly balanced beeen equilie5 and the combined asset cla$$es of ¢ash, fixed interest, and alternatives. Structure, Govgrnwnce and Management The Charity is an unincorporated trust consliluled under a trust scheme dated 18 November 1997 and is registered charity, number 230359, formed by the will of the late Sir E D Walkgr who died in 1919. Trustees are recruited, when necessary. by continuing Iruslees. New Iruslees are given appropriate Induction and ongoing training lo allow them lo perform their duties effectively and lulfil their obligaliony. The Trustees agree the broad strategy and areas of activity of the charity including Consideration of investment. reserves and risk management policies and performance. Tru$t•e$' re8ponslbllltl•8 Under registered social housing legislation, the Trustee$ are required lo prepare a slalemenl of account for each financial year which gives a true and fair view ol the slate of affairs of the Trust al the end of the year and of 115 surplus or deficrt In the year. In preparing the slalemenl, the Iruslees are required lo.. select suitable accounting policies and apply them consistently. make judgements and estimates that are reasonable and prudent. state whether applrable a¢¢ounling $landards and statements of recommended practice have been followed, $ubjKt lo any material departures disclosed and explained in the statement of accounts. prepare the financial statements on the going concern basis unle$8 rt is inappropriate to presume that the Trust will eonlinue ils operations. Page 2
SIR E D WALKER TRUST TRUSTEES, ANNUAL REPORT 31 MARCH 2025 Trustèos, responslbilitles Icontinuedl The Trustee5 are responsible for kgeping proper 7Lcounling records which disclose with reasonable accura al any lime the financial position of the Trust al that time and lo enable the Trustees lo ensure that any statement ol account prepared by them complies Wrth the Housin9 and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2015. They are also responsible for safeguarding the a55els of the Charity and hence for taking reasonabl8 Steps for the prevention and detection ol fraud and other irregularities. The Tru$lees also are expected lo maintain sound systems ol internal control and lo review them annually. Slgned on bohalf of thè Trust••s MYS C J Sunley DrA C Prlco Date.. 6 S•pt•mb8r 2025 Page 3
ACCOUNTANTS, REPORT TO THE TRUSTEES ON THE UNAUDITED ACCOUNTS OF SIR E D WALKER TRUST We rgport on the accounts for the year ended 31 March 2025 Sel out on pages S to 12. R¢sp•ctlv• r&sponslbllltlo$ of trustees and rgportlng accountant8 The Trustees of Sir E D Walker Trust are responsible for the preparation ol the accounts, and they consider that Sir E D Walker Trust is exempl from an audrt. 11 is our responsibility to carry out procedures designed lo enable us to report our opinion. Ba$1¥ of oplnlon Our procedures con515led of comparing the accounts wrth the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers ol the Sir E D Walker Trust as we considered necessary lor the purposes of thi$ report. These procedures provide the only assurance expressed in our opinion. Oplnlon In our opinion.. the accounts for th8 year gndod 31 March 2025 are in accordance with the accounting rgcord8 kept by Sir E D Walk8T Trust undèr paragraph 13512llal of the Housin9 and Regeneration Act 2008., h8ving regard only lo, and on the ba515 91 the information contained in the accounting rgcords.. the accounts comply with the requirements of the Charrtl8s Act 2011., the Regi81ered Soci81 Housing Providgr has satisfied th8 conditions for exemption from an audit of the aeeounls lor the year ended 31 Mah 2025 $po¢rfigd in section 136131 of the Housing and Regeneration Aet 2008., and the a¢¢ount$ comply with the requirèments ol the Housing and Re9eneralion Act 2008 and the Accounting Direction for private règistered providers ol social housing in England 2015. Ck. O-LIF Cllv• Owen LLP Rèporting Accountants Chartered Accountants 140 Conl$cllffe Road Darlinglon Co Durham DL3 7RT Date.. 5 Septfjmber 2025 Page 4
SIR E D WALKER TRUST STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENOED 31 MARCH 202S Notes 2025 2024 Tumover Oper*ing expenditure 322,991 386.0161 280,141 1275,6C61 Operating Ideficill I surplus 163,0251 4.535 Investsnenl Income 21,432 9,080 Interest and financing costs Movement in fair value of financial instruments 4,998 22,940 Total comprehensNe {defi¢il} 15UFplus for the year 136.5951 36,5SS Brought forward Inco and Expendtture Reserve 1.225.479 1.189.644 Transfer lo Extraordinary Repair Reserve 14,8601 Transfer from Revaluation Reserve 4,140 4,140 Carried forward Income and ExperKlrture Reserve 1.193.024 1,225,479 These accounts were authonsed for issue by the Twstees on 5 September 2025 and are signed on their behalf. Dr A C Price The notes on pages 9 10 12 lom part of these accounts. Page 5
SIR E D WALKER TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 Not•$ 2025 2024 Flxod assat$ Tangible fixed as$o1s Investments 1,224.383 313.367 1,250,694 305,737 1,637,750 1,556,431 Curront asststs Trade and other debtors Cash and cash equivalents 12,098 331,818 5,257 349,057 Cfedrtors.. amounts falling due wrthin one year 10 118,8891 111,3731 N•t current assets 325,027 342,941 Total as••t8 lèss curront Ilabllllle$ 1,862,777 1,899,372 Total n•t assèts 1,862.777 1.899.372 Income and Expenditure Reserve Exlraordinary Repair Re$arve Rgvalualion R8servè 1,193.024 53.460 616.293 1,225,479 53,460 620,433 1,882,777 1,899,372 These accounts were aulhorised for issue by Ihg trustees on 5 September 2025 and are signed on their behaLf. Mr8 C J Sunley The notes on pages 9 10 12 fonn part of Ihgsa accounts. Page 6
SIR E D WALKER TRUST STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2026 Income and Extraordinary Expgndlturo Repair Reserve Reserve Rovaluatlon Totsl Re$8rve Ro$ervos As at 1 Aprll 2024 1,225,479 53,460 620,433 1,899,372 Surplus from Statement ol Comprehensive Incomg 136,59SI 136,5951 Transfer 4.140 14,1401 As •t 31 M•r¢h 202S 1.193,024 53,460 616,293 1,862,777 Page 7
SIR E D WALKER TRUST STATEMENT OF CASH FLOWS AS AT 31 MARCH 2025 2025 2024 Net cash lutlllsed by) I g¢nerated from op¢ratlng actlvities (see Note 11 19,8551 40,065 Cash flow from investing activities Purchase of tangible fixed assets Purchase of investments Sale of Investments 14,7521 1118,6831 116.051 138,3681 136.0881 42.760 Net change in cash and cash oquivalents 117.2391 8,369 Cash and cash equivalants at beglnning of th¥ y•ar 349,057 340.688 Cash and ¢ash ¢qulvalents at end of year 331,818 349.057 Note 1 Cash flow from operating a¢tSvili¢s IDefi¢itl I Surplus for the year Unrealised loss I Igainl in market value of investrnenls Depreciation charges ILossl I profil on sale of fixed asset investments Ilncreasel I decrease in trade and other debtors Increase I Idecreasel in trade and other creditors 136,5951 18.874 31.063 123.8721 16,8411 7.516 36.555 123.3871 25,411 447 2,065 11,0261 Cash lulilised by) I generated from operations 19.8551 40,065 Note 2 Analysis of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash al bank 349,057 117,2391 331.818 349.057 117,2391 331.818 Page 8
SIR E D WALKER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 1 L8glslatlvg Framework The Trust is registered as a ch8rrty undèr the provisions of the Charities Act 2011 and is a Registered sla1 Housing Provider. 2 8asls of accounting The financial slalemenls have been prepèred in accordance with The Financial Reporting Standard 102- the applieable reporting standard in the United Kingdom and Republic ol Ireland IFRS1021, the Slalemenl ol Recommended Practice. Accounting by Registered S¢xial Housing Providers120181 and with the A¢counling Direction lor private registered providers of social housing in England 2022. The accounts are prepared in aceordance with the historical cost basis of accounting except as mt)dified by the revaluation of invè51menls and certain fixed assets. The Trust is a public benefit entity under FRS102. 3 Accountlng pollcles Tho following accounling policies have beèn usad consislenlly in doaling with items which are considered material in relation lo the Charrty's financial statements. Houslng Propertles Housing Properties are recorded al the figure al which they were revalued in 2017,10s5 subsequent accumulated depreciation and any accumulated impairment losses. Dgpreclatlon Depreciation is chard al the following rates,. Land-no depreeialion Buildings 20/0 slrai9hl line Plant & Equipment- 250/0 and 12.S•A $lrai9hl ling Fixturg$ & Fittings 25• slraighl line Computor equipment - 33.33% slraighl lin8 Turnover Turnover is represented by contributions receivable from the licenseès of th8 alm$houses, rental income and donations and legacies. Income recognltlon All income is recognis&d in the accounts onee the Charity has ontitlgmonl lo the funds, (( is probable that the income will be recaivod and the amount can bè measured roliably. Investment Incomo Invèslmenl income is recognised in the accounts when il is received. Investments Quoted investments 8ie valued al the mid-markel price al tho close of business al the year end. Uni11sed investments are valued at the average of the bid and offer prices or, if the bid price is not available, by adjuslmenl lo the offfjr price. Penslon costs A defined eonlribulion pension schemo 1$ in operation and the pension charge represents the amount$ Payable lo the fund in respect of the year. Value Added Tax As the majority of Sir E D Walker Trust'$ activities are classified as exempl or non4)u8iness activities for the purposes Of value added tax. Sir E D Walker Trust is not VAT registered and so 15 unable lo reclaim the VAT which il suffers on ils purchases. Expenditure In these financial statements is therefore shown nclusive of VAT. Extraordlnary Repalr Resèrve This is a designated fund sel up lo allow the Charity lo continue in the event of something occurring which 1$ out of the ordinary ¢ourse of business. In essence. the reserve is there to cover the 5hort-term costs and allow the Charity to continue to operat& should such an event o¢¢ur. Some ol 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 2025 4 Turnover 2025 2024 Turnover is der¢ved from.. Contributions Rental income Donations and legacie5 3C6,971 16,020 264,121 16,020 322,991 260,141 Voids for the year amounted lo 38,319 56.754 S Investment Income 2026 2024 Dividends received Inlgro$1 rocgived 8,160 13,272 7,518 1,562 21,432 9,080 8 Staff cost• Staff eosls were as foll¢)WS'. 2026 2024 Wages and salariès Pension costs Social Security costs 89,140 1.955 62,331 1,874 71,095 64,205 The average number of full-lime equivalent staff omployed by the Charity was as follows.. Administration Warden support Eslale Page 10
SIR E D WALKER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Staff costs {continuedl The average number of staff by headcounl empbyed by the charty was as follow5". 2025 2024 Administr*ion Warden support Estate The total rernunerat in respect of key management persmnel was £nil12024". £nil). The number of employees eaming Thire than £60,000 was nil12024'. nil). 7 Tangible Fixéd Assets Plant and Equipment Housing Properties Total Cost I revaluation: As al 31 Mah 2024 Additions Disposals 98,983 4,752 1.250.000 1,348,983 4.752 As at 31 March 2025 103.735 1,250.000 1.353.735 Depreciation As al 31 March 2024 Charge for the year 32,689 14,663 65,600 16,400 98,289 31,063 As at 31 March 2025 47.352 82.000 129.352 Net book value: At 31 March 2025 .383 1,168.000 1.224.383 At 31 March 2024 66,294 1,184.400 1,250,694 Housing Properties were Vall based the existsng use. patIon. a1 covenants on 3 August 2017 by the Board. supported by a chartered surveyor. The land and buildÈng content of the valuation was £430.000 and £820.000 respectiv8ty- Ifthe Housing Properties had not been revalued. they woutd have been included in Ihe Balance Sheet al the following historic81 cost- 2025. £613.00712024." £613.007). Page11
SIR E D WALKER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 8 Investments 2025 2024 UK bas•d Investments Ilistodl Market value al 1 April 2024 Additions Equalisations and adjustments Disposa15 al cost (proceeds £115,820, realised gain £23,872) Unrealised loss in market value 305,737 118,683 12311 191,9481 118,8741 289,489 36,088 143,5711 23,387 Market value at 31 March 2025 313,7 305,737 Historical w$1 al 31 March 2025 304,312 277.806 9 Debtors 2025 2024 Other debtors 12,098 5.257 12,098 5,257 10 Crodltorn.. amounts fa115ng dug wlthln ono year 2025 2024 Creditors 8nd accrua18 18.889 11,373 18.889 11,373 11 Tax•tlon All of the Charity's income 1$ applied for ¢hariloblg p(¢rposes and Iherofore the Charity is exempl from tsxalion. 12 R•muneratlon to rèportlng c¢ountnts The total paid lo the reporting accounlanls by thè Charty related lo the following servicès.. 2025 2024 Aecountanls. report 3,196 2,220 13 Accommodation under management The Trust has 55 units for general needs housing. A further unit 15 provided for accofflmodation for the Manager. The Trust also owns fv40 units of non-social housing stock which are rented on the open market as private owellings. Page 12
Appendix 1 SIR E D WALKER TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Income ContributK)ns Rental income Donations and legae 306.971 16,020 264.121 16.020 322,991 280,141 Less overheads Salaries and wages Pension scheme ¢onlribulions Mobile warden Telephone Grounds Council tax and water fate5 Healing and Ihling Repairs and renewals Insurance Sundries Warden call system Legal and profes$Tronal fees Bookkeeping etc. Reportin9 accountants. remuneration Depreciation 69.140 1.955 20.905 2,261 5,965 28.930 39.213 145.218 6.929 12.182 2.556 14.441 2.(2 3.196 31.C63 62,331 1,874 19.053 1.651 6,360 28.946 42.188 50.438 6.581 21.032 2.478 3.101 1.942 2.220 25.411 386.016 275,606 Net opèratlng Ideficitl I surplus for the ygar 163.0251 4.535 Other 5ncome Bank deposrt inleiesl Dividends Profit on $ale of fixed asset investments 13,272 8.160 23.872 1,562 7,518 45.304 9,080 Other Expenses Loss on Sa of fixed asset investments 14471 Net surplus for the year Change in market value of investrnerts 117,7211 118,874) 13,168 23,387 Ovefall (loss) I surplus for th& y8ar 136,5951 36.555 This pagg d¢S not ffomi part the StatutoryAccounls.