## **ELIZABETH WALTER CHARITY**
**Report and Financial Statements for the year ended 31 March 2024**
**Charity No 244975**
## **TRUSTEES' ANNUAL REPORT FOR THE PURPOSES OF SECTION 45 OF THE CHARITIES ACT 2011 FOR THE YEAR ENDED 31 MARCH 2024**
## **Reference and administrative information**
The name of the Charity is Elizabeth Walter Charity. It is governed by a Scheme of the Charity Commissioners dated 1st April 1981.It is a registered charity, Charity No 244975. It is therefore subject to Charity law.
The principal address is: St Nicholas Centre, 4 Cutler Street, Ipswich. IP1 1UQ.
## **Trustees**
## **Appointment:**
The following persons are trustees by virtue of their office:-
The Bishop of St Edmundsbury and Ipswich* The Chairperson of the Diocesan Board of Education*
* The Bishop and the Chairperson may appoint a competent person(s) to be a trustee in his/her (their) place.
One further trustee may be appointed by the Parochial Church Council of Ipswich, St. Mary le Tower for a term of four years. Two co-optative trustees may be appointed for a term of five years by a resolution of the trustees.
## **The Trustees who have served during the twelve months to 31[st] March 2024 and up to the date of signing are:**
Mrs J Sheat – appointed in the place of the Chairperson of the Diocesan Board of Education
The Ven R E King – appointed in place of the Bishop of St Edmundsbury and Ipswich. (Until the 6[th] October 2024)
Mrs S Adair – appointed by the Parochial Church Council of Ipswich, St. Mary le Tower with St. Lawrence and St. Stephen. (Until 18[th] September 2024)
The Rev’d Tom Mumford – appointed by the Parochial Church Council of Ipswich, St. Mary le Tower with St. Lawrence and St. Stephen (from 18[th] September 2024)
The Rev’d Canon N Atkins – Co-opted
The Rev’d M Sokanovic – Co-opted
## **Secretary:**
Mrs H Smith, Churchgates House, 4 Cutler Street, Ipswich IP1 1UQ
## **Independent Examiner:**
Mr R Bell, FCA, Osborne House, 8 Henley Road, Ipswich IP1 3SL
1
## **The objects of the Charity**
Subject to payment of management expenses the income of the Charity is to be applied as follows:-
1. To pay one half of the income to the St. Lawrence preacher for the time being as the trustees think proper;
2. To apply at least two thirds of the balance of the income or when there is no St. Lawrence preacher at least two thirds of the income for religious educational purposes in connection with the Church of England amongst children, young persons and adults in Ipswich;
3. To apply the residue of the income in or towards the preservation and upkeep of the redundant parish Church of St. Lawrence, Ipswich.
## **Main Activities Undertaken for the Public Benefit**
The trustees are aware of the Charity Commission’s guidance on public benefit and, in particular, the supplementary guidance for charities whose aims include advancing religion and have regard to that guidance in their administration of the charity.
In supporting the position of the St Lawrence Preacher, the public benefits through being able to access the teachings of Christ by free sermons preached in the parish of St Mary Le Tower, in which the church of St Lawrence is situated. These teachings encourage the public to live law-abiding lives, to seek to improve themselves spiritually and to provide support to others in need in the local community and wider afield. These same benefits are gained through supporting religious education in Ipswich.
The post of the St Lawrence Preacher is currently vacant.
The charity also seeks to maintain the redundant parish Church of St Lawrence Ipswich. This ancient building helps contribute to a pleasant, uplifting and educationally enlightening environment for the public users of the environs of the church.
## **Grant Making Policy**
As well as the grant for the St Lawrence Preacher, it is the policy of the Trustees to offer grants to individuals and organisations for religious educational purposes in connection with the Church of England amongst children, young persons, and adults within the deanery of Ipswich.
Normally half the balance between the cost of the project and any other funds is offered. Grants are usually made for attending courses and for purchasing equipment.
## **Achievements**
The Charity has generated investment income during the year amounting to £26,903. £27,071 was paid out by way of grants to 11 institutions (see note 2).
## **Financial Review**
There were net outgoing resources before investment movements of £860.81 (2023 net outgoing £448.48). The income fund reserve stood at £133,134.88 at the financial year end.
2
## **Investment Policy**
There are no restrictions on the Charity’s power to invest. The investment strategy is decided by the Trustees.
## **Risk Review**
The trustees will review the risks facing the Charity to ensure the existing safeguards and control systems are adequate to mitigate these risks.
## **Reserve Policy**
The trustees seek to keep income reserves at a minimum.
The trustees have taken active steps to ensure that the grant making facilities of the charity are more widely known among potential beneficiaries.
The trustees have no requirement to maintain a minimum level of reserves and consequently expenditure in the year may exceed income where such income reserves have been accumulated. The grants from income reserves are made under the same objects as the grants from current year income.
Approved by the board of Trustees and signed on its behalf by:
-----------------------------------------------------------Mrs J Sheat Trustee
Date -------------------------------------------------
3
## **INDEPENDENT EXAMINER’S REPORT**
## **Independent Examiner’s Report to the Trustees of the Elizabeth Walter Charity**
I report on the financial statements of the Trust for the year ended 31 March 2024, charity number 244975 which are set out on pages five to ten.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act), and that an independent examination is needed. It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair” view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act, and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act
have not been met; or
(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed:
Rowell Bell FCA Chartered Accountant Osborne House 8 Henley Road Ipswich, Suffolk IP1 3SL
Date:
4
## **ELIZABETH WALTERS CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Not**
**e**
**Income and endowments**
**from:**
Investments
1
Total Incoming Resources
**Expenditure on:**
Charitable grants and donations
2
Support costs
3
Total
Net income/ (expenditure) before
investment gains
(Loss)/Gain on investments
4
Net income and net movement in
funds
Total funds at 1 April 2023
Total funds at 31 March 2024|**2024**
**2023**
**Unrestricte**
**d Funds**
**Endowmen**
**t Funds**
**Total**
**Total**
**£**
**£**
**£**
**£**
26,903.13
-
26,903.13
25,210.6
2
26,903.13
-
26,903.13
25,210.6
2
27,071.34
-
27,071.34
24,825.
29
692.60-
692.60
257.70
27,763.94-
27,763.94 25,082.99
(860.81)
-
(860.81)
127.63
4,686.8
0
(4,246.90)
439.90
(35,92
8.70)
3,825.99
(4,246.90
)
(420
.91)
(35,801.07)
129,885.0
0
412,884.5
9
542,769.5
9
578,570
.66
133,710.9
9
408,637.6
9
542,348.6
8
542,769
.59|
|---|---|
5
## **ELIZABETH WALTER CHARITY**
## **BALANCE SHEET AS AT 31 MARCH 2024**
|**Not**
**e**
**Fixed Assets**
Investments
4
**Total Fixed Assets**
**Current Assets**
Short term investments
5
Debtors amounts falling due
within one year
Cash at bank and in hand
**Creditors amounts falling due**
**within one year**
**Net Current Assets**
**Total Net Assets**
**Funds of the Charity**
Unrestricted Funds
Endowment Funds
**Total Funds**|**2024**
**2023**
**Unrestricte**
**d Funds**
**Endowmen**
**t Funds**
**Total**
**Total**
**£**
**£**
**£**
**£**|
|---|---|
||88,721.3
5
408,330.5
6
497,051.9
1
496,612.01|
||88,721.3
5
408,330.5
6
497,051.9
1
496,612
.01
33,845.01
307.1
3
34,152.14
34,152.
14
2,880.55
-
2,880.55
576.11
21,500.
42
-
21,500.42
11,67
9.33|
||58,225.98
307.13
58,533.11
46,407.58
(13,236.34)
-
(13,236.34)
(250.00)|
||44,989.64
307.1
3
45,296.77
46,157.
58|
||133,710.99
408,637.6
9
542,348.6
8
542,769
.59|
||133,710.9
9
-
133,710.9
9
129,885
.00
-
408,637.6
9
408,637.6
9
412,884
.59|
||133,710.9
9
408,637.6
9
542,348.68
542,769
.59|
Approved by the board of Trustees and signed on its behalf by:
-----------------------------------------------------------Date -------------------------------------Mrs J Sheat
6
Trustee
## **Notes to the accounts**
## **Basis of preparation**
## **Basis of accounting**
These accounts have been prepared on the basis of historic cost, with the exception that investments are shown at market value, in accordance with Accounting and Reporting by Charities – Statement of Recommended Practice (SORP FRS102), and with accounting standards and with the Charities Act.
## **Accounting Policies**
There have been no changes to the accounting policies (valuation rules and methods of accounting) since last year. No changes have been made to the accounts for previous years.
## **Incoming resources**
|**Recognition of incoming**|These are included in the Statement of Financial Activities|
|---|---|
|**resources**|(SoFA) when:|
|| the charity becomes entitled to the resources;|
|| the trustees are more probable than not that they will|
||receive the resources; and|
|| the monetary value can be measured reliably|
|**Investment income**|This is included in the accounts when receivable.|
|**Investment gains and**|This includes any gain or loss on the sale of investments and|
|**losses**|any gain or loss resulting from revaluing investments to|
||market value at the end of the year.|
|**Expenditure and liabilities**||
|**Liability recognition**|Liabilities are recognised :|
|| as soon as there is a legal or constructive obligation|
||committing the charity to pay out resources;|
|| it is more likely than not that a transfer of economic|
||benefits will be required; and|
|| the amount of the obligation can be measured or|
||estimated reliably.|
|**Grants payable**|These are only recognised in the accounts when a|
||commitment has been made and communicated to the|
||recipients and there are no conditions to be met relating to|
||the grant which remain in the control of the charity.|
|**Support costs**|Include central functions being accountancy costs and room|
||hire. These are allocated against the unrestricted fund.|
|**Assets**||
|**Investments**|Investments quoted on a recognised stock exchange are|
||valued at fair value (market value) at the year end. Other|
||investment assets are included at trustees' best estimate of|
||fair value.|
There are no material uncertainties about the charity’s ability to continue.
## **ELIZABETH WALTER CHARITY**
8
## **NOTES TO THE ACCOUNTS**
||2024|2023|
|---|---|---|
||£|£|
|**1. Investment Income**|||
|38,407.46 Charinco Income shares|2,304.44|2,304.44|
|23,945 M & G Charifund equities|20,592.71|19,994.08|
|4,524.21 COIF Income units|2,464.81|2,464.81|
|CBF Deposit|1,541.17|447.29|
|Total Investment Income|26,903.13|25,210.62|
|**2. Charitable Grants and Donations**|||
|**All grants are payable to institutions:**|||
|**Bishops Office re St Lawrence Preacher**|12,299.34|15,000.00|
|**Religious Educational Purposes:**|||
|Ipswich St Mary Le Tower|2,000.00|-|
|Westerfield, Tuddeenham and Witnesham.|150.00|-|
|St Matthew CEVAP|2,000.00|-|
|Ipswich St Thomas|2,000.00|-|
|Ipswich St Helens|-|1,000.00|
|River Church|-|712.00|
|Rushmere|2,000.00|266.41|
|Ipswich St Augustines|-|2,000.00|
|Mission Ipswich East|-|2,000.00|
|Lightwave Community|1,172.00|-|
|Few Minutes Peace|450.00|-|
|Ipswich All Hallows|2,000.00|-|
|Ipswich St Matthews|-|296.63|
|Ipswich St Mary Stoke|-|750.00|
|Ipswich Triangle Churches|1,000.00|-|
|Deanery Growing Younger Fund|-|1,908.82|
|Ipswich St Margaret’s|2,000.00|350.00|
|Ipswich St Peters|-|541.43|
|**Total Educational Grants**|14,772.00|9,825,29|
||-||
|**Total Grants and Donations**|27,071.34|24,825.29|
|**3. Support costs**|||
|Administration|687.00|250.00|
|Bank charges|5.60|7.70|
||692.60|257.70|
|No fees were paid to the Independent Examiner (2023 nil)|||
9
## **4. Fixed Assets Investments**
Investments listed on a recognised stock exchange:
|**Endowment Funds**
36252.57 Charinco Income
Shares
22297 M & G Charifund Equities
1510.11 COIF Income Units
Total Endowment Funds
**Income Funds**
2154.89 Charinco Income
Shares
1648 M & G Charifund Equities
3014.14 COIF Income Units
Total Income Funds
Total Investments|**Value @ 1**
**April 2023**
**Additions/**
**disposals**
**(Loss) on**
**revaluation**
**Value @ 31**
**March 2024**
**£**
**£**
**£**
**£**|
|---|---|
||53,615.30
-
(802.37)
52,812.93
330,702.41
-
(6
,040.25) 324,662.16
28,259.75
-
2
,595.72
30,85
5.47|
||412,577.46
-
(
4,246.90)
408,330.56
3,186.9
5
-
(47.70)
3,139.25
24,442.64
-
(446.44)
23,996.20
56,404.96
-
5,180.94
61,585.90|
||84,034.55
-
4,686.80
88,721.35|
||496,612.01
-
439.90
497,051.91|
## **5. Short term Investments**
|**Endowment Funds**
CBF Deposit Fund
**Income Funds**
CBF Deposit Fund
Total Short Term Investments|**Value @ 1**
**April 2023**
**Additions/**
**(disposals**
**)**
**Revaluatio**
**n**
**Value @ 31**
**March 2024**
307.13
-
-
307.13
33,845.01
-
-
33,845.01|
|---|---|
||34,152.14
-
-
34,152.14|
## 6. **Allocation of Income**
|One half re St Lawrence
preacher
Two thirds balance re
Religious Education
Balance re St Lawrence
Church
Total|**Year ended 31 March 2024**
**Year ended 31 March 2023**
**Share of**
**Income**
**available**
**Paid out and**
**payable at 31**
**March 2024**
**Share of**
**Income**
**available**
**Paid out and**
**payable at 31**
**March 2023**
**£**
**£**
**£**
**£**
13,4
51.57
12,
299.34
12,6
05.30
15,0
00.00
8,967.71 14,772.00
8,403.54 9,825.29
4,477.85
-
4,201.78-
26,903.13
27,071.34
25,210.62
24,825.29|
|---|---|
10
## **7. Endowment Funds**
The endowment funds are expendable as per the objects as shown on page 2.
## **8. Related party transactions**
Trustees are drawn from other charities with which Elizabeth Walter transacts. There is no common control between these charities and Elizabeth Walter and therefore no related party transactions. Charities receiving donations during the year are individually listed in note 2 to the accounts.
No trustees were paid expenses during the year (2023 :nil).
## **9. Comparative SOFA information**
|**Income and endowments from:**
Investments
Other Income
Total Incoming Resources
**Expenditure on:**
Charitable grants and donations
Support costs
Total
Net expenditure before investment
gains
(Loss)/Gain on investments
Net income and net movement in
funds
Total funds at 1 April 2022
Total funds at 31 March 2023|**2023**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**Total**
**£**
**£**
**£**
24,634.51
-
24,634.51
-
-
-
24,634.51
-
24,634.51
24,825.29
-
24,825.29
257.7
0
-
257.70
25,082.99-
25,082.99
(448.48)
-
(448.48)
(4,321.50)
(31,607.20)
(35,928.70)
(4,769.98) (31,607.20)
(36,377.18)
134,078.87
444,491.79
578,570.66
129,308.89
412,884.59
542,193.48|
|---|---|
## **10. Explanation of Transition to SORP (FRS 102)**
These financial statements have been prepared under SORP (FRS 102) with effect from the 31[st] March 2014.
There have been no changes in accounting policies which have necessitated changes in any of the figures presented previously.
11