Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
REGISTERED CHARITY NUMBER: 278582
THE WALKER 597 TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
THE WALKER 597 TRUST
CONTENTS
| Page | |
|---|---|
| Report of the Trustees’ | 1 - 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 - 10 |
Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
THE WALKER 597 TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024
The trustees present their annual report and the financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
278582
Principal address
Fazeley Cottage Coleshill Street Fazeley Tamworth B78 3RQ
Trustees
Rosalind Helen Rowett Amanda Burford Kenneth Hughes Nicola Helen Stansbie Sheila Ann Kitchen (Deceased 7 March 2023) William Dugmore (Appointed 21 March 2023) Judith Helen Middleton Erica Dugmore (Appointed 21 March 2023) David Ansell Michelle Siau-ling Dean
Independent Examiner Charlotte Toemaes BSc FCA Ellacotts LLP Countrywide House 23 West Bar Banbury OX16 9SA
Bankers Investment Managers Lloyds Bank plc EFG Harris Allday 17 George Street 33 Great Charles Street Tamworth Birmingham Staffordshire B3 3JN B79 7LW
OBJECTIVES AND ACTIVITIES
The object of the charity is to benefit animals. This is achieved by making regular payments to a selection of charities, which work to provide animal welfare.
GRANT MAKING POLICY
The Trustees have determined to consider applications for and make grants as appropriate to charitable institutions with special regards to charities working to promote the health and welfare of animals.
ACHIEVEMENT AND PERFORMANCE
The Trustees meet quarterly to discuss new applications for a grant and to monitor the performance of charities to whom a grant is made on a rolling programme by reference to periodic newsletters, etc. The charity has achieved its objectives in that grants have been made to some one hundred animal charities on a rolling programme and to others on a "one-off" basis. Income to fund the grants is derived from investments and donations.
FINANCIAL REVIEW
A large capital account exists to further objectives of the Trust. A good income is obtained from the investments. Property is owned by the Trust and will be sold in time to provide additional capital. In the meantime, it is necessary to ensure the Trust has sufficient funds to meet any urgent needs. The Trustees are satisfied that the present level of reserves is appropriate to its needs.
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Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
THE WALKER 597 TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024
RISK MANAGEMENT
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
RESERVES POLICY
The trustees’ consider the level of reserves held by the charity to be sufficient for its needs.
PUBLIC BENEFIT
The Trustees have paid due regard to guidance published by the Charity Commission on public benefit.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Walker 597 Trust is constituted by a Deed of Trust dated 16 March 1979.
Recruitment and appointment of new trustees
Trustee vacancies are filled by invitation from the existing Board members and appointment made from candidates with the requisite skills. The current Trustees have a range of skills, comprising business administration, legal, human resources, finance and animal welfare.
TRUSTEES’ RESPONSIBILITIES STATEMENT
The trustees are responsible for preparing a trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS102);
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provision of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
17/3/2025 | 18:34 GMT
Approved by the trustees on ............................................. and signed on their behalf by:
............................................. Rosalind Helen Rowett
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Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WALKER 597 TRUST
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024 which are set out on pages 4 to 10.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiners statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Charlotte Toemaes BSc FCA Ellacotts LLP
Chartered Accountants & Statutory Auditor Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA
18/3/2025 | 09:33 GMT Date: .............................................
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Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
THE WALKER 597 TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Funds | Funds | ||
| Notes | £ | £ | |
| INCOMING RESOURCES | |||
| Incoming resources from generated funds | |||
| Donations | 2 | 1,090 | 10 |
| Investment income | 3 | 50,362 | 38,940 |
| Total incoming resources | 51,452 | 38,950 | |
| RESOURCES EXPENDED | |||
| Costs of raising funds – Investment managers | fees | 15,319 | 9,813 |
| Charitable activities | |||
| Direct charitable expenditure | 4 | 46,288 | 46,700 |
| Governance costs | 5 |
2,296 | 2,981 |
| Total resources expended | 63,903 | 59,494 | |
| NET (OUTGOING) RESOURCES | (12,451) | (20,544) | |
| Other recognised gains/losses | |||
| Gains/(losses) on investment assets | 10,144 | (94,447) | |
| Net movement in funds | (2,307) | (114,991) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 1,806,826 | 1,921,817 | |
| TOTAL FUNDS CARRIED FORWARD | 1,804,519 | 1,806,826 |
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Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
THE WALKER 597 TRUST
BALANCE SHEET AS AT 5 APRIL 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible | 8 | 751 | 1,185 |
| Investments | 9 | 1,265,351 | 849,677 |
| Investment property | 10 | 130,000 | 130,000 |
| 1,396,102 | 980,862 | ||
| CURRENT ASSETS | |||
| Debtors | 11 | 95 | 482,901 |
| Cash at bank | 411,657 | 344,658 | |
| 411,752 | 827,559 | ||
| CREDITORS | |||
| Amounts falling due within one year | 12 | (3,335) | (1,595) |
| NET CURRENT ASSETS | 408,417 | 825,964 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 1,804,519 | 1,806,826 | |
| NET ASSETS | |||
| 1,804,519 | 1,806,826 | ||
| FUNDS | 13 | ||
| Unrestricted funds | 1,804,519 | 1,806,826 | |
| TOTAL FUNDS | 1,804,519 | 1,806,826 |
17/3/2025 | 16:32 GMT
The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by:
............................................. William Dugmore -Trustee
............................................. Rosalind Helen Rowett –Trustee
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Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
THE WALKER 597 TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. ACCOUNTING POLICIES
Accounting convention and going concern
These financial statements have been prepared in accordance with the charity’s trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019)”. The Trust constitutes a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of The Walker 597 Trust. Monetary amounts in these financial statements are rounded to the nearest £.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting.
The principal accounting policies adopted are set out below:
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy.
Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Costs of raising funds
The costs of generating funds consist of investment management costs.
Charitiable activities
Costs of charitable activities include grants made and governance costs.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment: 3 years straight-line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
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Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
THE WALKER 597 TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2024
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Investment property
The investment property is held at valuation.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. There are no restricted funds.
2. DONATIONS
| Donations 3. INVESTMENT INCOME Rents received Income from quoted investments Bank interest 4. CHARITABLE ACTIVITIES COSTS Grants made during the period |
2024 £ 1,090 1,090 2024 £ 51 45,042 5,269 50,362 2024 £ 46,288 |
2023 £ 10 |
|---|---|---|
| 10 | ||
| 2023 £ 51 38,181 708 |
||
| 38,940 | ||
| 2023 £ 46,700 |
During the year 146 donations of amounts between £300 and £1,000 were made to animal charities in order to further the objectives of the charity in benefiting animal welfare (2023: 152). Additionally, a one off donation of £688 was made (2023: £500). During the year no donations were returned (2023: nil).
5. GOVERNANCE COSTS
| Professional fees Accountancy fees Depreciation Miscellaneous |
2024 £ - 1,740 434 122 2,296 |
2023 £ 845 1,651 434 51 |
|---|---|---|
| 2,981 |
Governance costs include payments to the independent examiners of £1,740 (2023: £1,595) for independent examination fees.
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Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
THE WALKER 597 TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2024
6. RELATED PARTY TRANSACTIONS AND TRUSTEES' REMUNERATION AND EXPENSES
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2023: £nil). Expenses paid to the trustees in the year totalled £nil (2023: £nil).
7. EMPLOYEES
There were no employees during the year (2023: none).
8. TANGIBLE FIXED ASSETS
| 8. | TANGIBLE FIXED ASSETS | |
|---|---|---|
| Computer | ||
| Equipment | ||
| £ | ||
| COST | ||
| At 6 April 2023 | 749 | |
| Additions | 1,328 | |
| Disposals | - | |
| At 5 April 2024 | 2,077 | |
| DEPRECIATION | ||
| At 6 April 2023 | 892 | |
| Charge | 434 | |
| On disposals | - | |
| At 5 April 2024 | 1,326 | |
| CARRYING VALUE | ||
| At 5 April 2024 | 751 | |
| At 5 April 2023 | 1,185 | |
| 9. | FIXED ASSET INVESTMENTS | |
| Listed | ||
| Investments | ||
| £ | ||
| MARKET VALUE | ||
| At 6 April 2023 | 849,677 | |
| Additions | 500,000 | |
| Revaluations | 10,144 | |
| Disposals | (94,470) | |
| At 5 April 2024 | 1,265,351 | |
| CARRYING VALUE | ||
| At 5 April 2024 | 1,265,351 | |
| At 5 April 2023 | 849,677 |
There were no investment assets outside the UK
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Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
THE WALKER 597 TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2024
| 10. | INVESTMENT PROPERTY | |||
|---|---|---|---|---|
| Investment | ||||
| Property | ||||
| MARKET VALUE | ||||
| At 6 April 2023 | 130,000 | |||
| Additions | - | |||
| Revaluations | - | |||
| Disposals | - | |||
| At 5 April 2024 | 130,000 | |||
| CARRYING VALUE | ||||
| At 5 April 2024 | 130,000 | |||
| At 5 April 2023 | 130,000 | |||
| The investment properties held are listed below: | ||||
| 2024 | ||||
| £ | ||||
| The Tofts, Main Road, Friskney | 130,000 | |||
| 130,000 | ||||
| Although no external valuation has been undertaken, the Trustees are of the opinion that the | current | market value | ||
| of the property is £130,000. | ||||
| 11. | ANAYLSIS OF CURRENT ASSSETS | |||
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Other debtors | 95 | 482,901 | ||
| All current assets in 2024 and 2023 relate to unrestricted funds. | ||||
| 12. | ANALYSIS OF CURRENT LIABILTIES | |||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Other creditors | 3,335 | 1,595 | ||
| All creditors in 2024 and 2023 relate to unrestricted funds. |
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Docusign Envelope ID: 4D67B2D5-7E04-48F1-BD91-F0A4F4F8C0B8
THE WALKER 597 TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2024
13. MOVEMENT IN FUNDS
| Net movement | |||
|---|---|---|---|
| At 6/4/23 | in funds | At 5/4/24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,806,826 | (2,307) | 1,804,519 |
| TOTAL FUNDS | 1,806,826 | (2,307) | 1,804,519 |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and |
Movement | |
|---|---|---|---|---|
| resources | expended | (losses) | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 51,452 | (63,903) | 10,144 | (2,307) |
| TOTAL FUNDS | 51,452 | (63,903) | 10,144 | (2,307) |
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