REGISTERED CHARITY NUMBER: SC004005
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
WALTON FOUNDATION
Armstrong Watson Audit Limited Chartered Accountants and Statutory Auditors Caledonia House 89 Seaward Street Glasgow G41 1HJ
WALTON FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Report of the Independent Auditors | 5 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 17 |
WALTON FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their report with the financial statements of the Foundation for the year ended 31 December 2024. The trustees have adopted the provisions of 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 1 January 2019).
OBJECTIVES AND ACTIVITIES
The Foundation was established for public benefit purposes with its principal objectives being to contribute to the benefit or furtherance of charitable institutions or bodies or charitable purposes primarily in Glasgow and the West of Scotland, with particular regard to education, medicine and community care. No public fundraising takes place. It is the aim of the Foundation to fund the donations from the investment income generated in the year.
A list of donations made during the year and the prior year is contained in note 4 to the financial statements.
FINANCIAL REVIEW
Financial position
The Foundation's incoming resources for the year amounted to £159,759 (2023: £168,646). Resources expended for the year amounted to £249,669 (2023: £165,157) which included charitable donations of £175,885 (2023: £95,350). Details of all the beneficiaries are contained in note 4 to the financial statements.
In October 2018, a commitment of £250,000 was made to provide funding for the University of Glasgow Walton Unit for Translational Pharmacology project. This is payable in 6-monthly instalments of £25,000 over 5 years and instalments commenced in July 2019 and finished in the year.
In December 2022, a commitment of £15,000 to the Scottish Jewish Heritage Centre was made. This will be payable in 3 annual instalments of £5,000 commencing January 2023.
In November 2023, a commitment of £25,000 to the Glasgow Children's Hospital Charity was made. This was payable in two 6-monthly instalments of £12,500 during the year. In July 2024, a further commitment of £75,000 to the Glasgow Children's Hospital Charity was made. This will be payable in six 6-monthly instalments of £12,500 commencing January 2025.
In September 2023, a commitment of £25,000 to the UJIA's Access Israel Fund was made. This will be payable in 5 annual instalments of £5,000 and the first payment was made in October 2023.
In August 2024, a commitment of £30,000 to Dog's Trust was made. This will be payable in six 6-monthly instalments of £5,000 commencing January 2025.
Expenditure includes significant professional fees incurred. The net realised loss on investment disposals was £534 (2023: £19,478) and the unrealised loss in the market value of investments was £109,404 (2023: £181,591).
Due to the above factors, a deficit before tax of £199,848 (2023: £197,580) has occurred for the year reflecting the difference of income against expenditure during the current financial year, adjusted for the realised and unrealised gains or losses on investments.
Total reserves at 31 December 2024 amounted to £2,633,666 (2023: £2,833,514).
Future plans
The activities of the Foundation are not expected to change and it will continue to support a number of charitable organisations for the foreseeable future.
Investment policy
The funds of the Foundation are invested in a wide portfolio of equities with the aim of generating investment income as well as capital growth.
Page 1
WALTON FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
FINANCIAL REVIEW
Reserves policy
All reserves are deemed to be unrestricted as there is no obligation on the trustees to apply these to any specific project. It is the aim of the Foundation to fund the grants from the investment income generated in the year whilst retaining the capital base represented by the capital account. The trustees maintain a sufficient level of reserves to ensure that the Foundation is able to meet its costs as they fall due.
Going concern
The trustees have considered the financial outlook for the Foundation, having taken account of potential changes in the performance of financial resources particularly in light of the uncertainties. Due to the high level of investments held by the Foundation, the trustees have determined that the Foundation will be able to operate within its existing cash resources and cashflow from future activities. The trustees, therefore, have a reasonable expectation that the Foundation has adequate financial resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the financial statements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Trustees and organisational structure
The Isidore and David Walton Foundation was established by trust deed on 20 November 1964 in Scotland. The Foundation was established for charitable purposes primarily in Glasgow and the West of Scotland, with particular regard to education, medicine and community care. The founding trustees wer
In 1998, the Foundation changed its name to Walton Foundation ("The Foundation").
The trustees who held office during the financial year and to the date of this report are set out below.
The power of appointing new or additional trustees is vested in the trustees. The trustees meet at least once annually.
The Foundation's registered address is:
All correspondence should be directed to this address.
Donations and grants are considered and approved by the trustees as and when received. The performance of the investments is monitored on a regular basis.
Induction and training of new trustees
All trustees should be familiar with the practical work of the charity and are encouraged to nominate organisations and projects to make donations to. All trustees are encouraged to attend training in both governance and specific areas of interest and relevance to their role within the charity.
Risk management
The trustees have a duty to identify and review the risks to which the Foundation is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The principal risks identified by the trustees are potential reductions in investment income and the fair value of its investment portfolio due to market conditions out with the Foundation's control. Regular monitoring of the investment portfolio mitigates these risks as far as possible so that the Foundation's grant commitments and administration costs can be met.
Page 2
WALTON FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number SC004005
Auditors
Armstrong Watson Audit Limited Caledonia House 89 Seaward Street Glasgow G41 1HJ
Solicitors Brodies LLP 110 Queen Street Glasgow G1 3BX
Stockbrokers Rathbones Investment Management Limited George House 50 George Square Glasgow G2 1EH
Bankers
Royal Bank of Scotland 10 Gordon Street Glasgow G1 3PL
AUDITOR
Following a corporate merger, our previous auditors, Martin Aitken & Co Ltd, became Armstrong Watson Audit Limited. A resolution to re-appoint Armstrong Watson Audit Limited as auditor will be proposed at the forthcoming Annual General Meeting.
Page 3
WALTON FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution, 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. 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.
Approved by order of the Board of Trustees on 16 September 2025 and signed on its behalf by:
....
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF WALTON FOUNDATION
Opinion
We have audited the financial statements of Walton Foundation (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 16 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the Trustees' Annual Report; or
-
proper accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF WALTON FOUNDATION
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the charity through discussions with the trustees and other management;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
-
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were indicative of potential bias; and
-
investigated the rationale behind significant or unusual transactions.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF WALTON FOUNDATION
Our responsibilities for the audit of the financial statements - continued
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation;
-
reading the minutes of meetings of those charged with governance;
-
enquiring of management as to actual and potential litigation and claims; and
-
reviewing correspondence with HMRC, relevant regulators and the charity's legal advisors.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
ARMSTRONG WATSON AUDIT LIMITED
Armstrong Watson Audit Limited Statutory Auditors Caledonia House 89 Seaward Street Glasgow G41 1HJ
26 September 2025
Page 7
WALTON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
Notes INCOME FROM Investment income 2 EXPENDITURE ON Raising funds Investment management costs 3 Charitable activities 4 Charitable activities - donations Governance costs Total Net losses on investments NET EXPENDITURE BEFORE TAXATION Taxation 8 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 Total funds £ 159,759 240 240 175,885 73,544 249,669 (109,938) (199,848) - (199,848) 2,833,514 2,633,666 |
2023 Total funds £ 168,646 240 240 95,350 69,567 165,157 (201,069) (197,580) (93,026) (290,606) 3,124,120 2,833,514 |
|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
GAIN AND LOSSES
The Statement of Financial Activities includes all gains and losses recognised in the year.
FUNDS
All funds held in the current year and the prior year are unrestricted.
The notes form part of these financial statements
Page 8
WALTON FOUNDATION
BALANCE SHEET 31 DECEMBER 2024
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 12 NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
2024 Total funds £ 2,617,468 9,504 150,534 160,038 (58,840) 101,198 2,718,666 (85,000) 2,633,666 2,633,666 2,633,666 |
2023 Total funds £ 2,736,938 18,994 273,264 292,258 (170,682) 121,576 2,858,514 (25,000) 2,833,514 2,833,514 2,833,514 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 16 September 2025 and were signed on its behalf by:
The notes form part of these financial statements
Page 9
WALTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the Foundation, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (revised January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements contain information about Walton Foundation as an individual charity and do not contain consolidated financial information as the parent of a group. The Foundation has taken the option of exemption as the gross turnover of the group is less than £500,000.
The financial statements are presented in Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis, which the trustees believe to be appropriate for the reasons set out in the Report of the Trustees.
Judgements
The Foundation considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The trustees consider there are no such significant judgements.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Dividends and interest income are included as investment income when the Foundation has entitlement to the funds. Both dividend and interest income are included gross of applicable tax credits.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.
The Foundation separately discloses the name of a charity recipient and the amount paid where that amount is in excess of £5,000.
Allocation and apportionment of costs
Support costs are those functions that assist the work of the Foundation but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs which support the Foundation's programmes and activities. These costs have been allocated to expenditure on charitable activities.
Taxation
The Foundation has been granted charitable status by HMRC and as a result, no liability to income tax arises on its income or gains to the extent they are applied for charitable purposes.
continued...
Page 10
WALTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The Foundation only enters into basic financial instruments that result in the recognition of financial assets and liabilities like accounts receivable and payable and loans due by related parties.
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of cash and other consideration expected to be paid or received.
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.
Financial liabilities are derecognised when they are extinguished (ie. when the obligation is discharged, cancelled or expires).
Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings.
Provisions
Provisions are recognised where the Foundation has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the Foundation will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
Cashflow exemption
Exemption has been taken from preparing a cash flow statement on the grounds that the Foundation qualifies as a small charitable organisation.
Investment in subsidiary undertakings
Investments in subsidiary undertakings are included in the balance sheet at cost less any adjustments for impairment losses.
Listed investment assets
Listed investments are initially recognised at cost then subsequently at fair value, being the quoted market value. Realised gains and losses (representing the difference between sale proceeds and fair value at the previous financial year end or purchase cost if acquired during the financial year) and unrealised gains and losses (representing the movement in the fair value of investments over the financial year or from their date of purchase if acquired during the financial year) are recognised within income and expenditure in the Statement of Financial Activities.
continued...
Page 11
WALTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
| 2. INVESTMENT INCOME Bank interest Interest on loan to subsidiary Dividends and interest received 3. INVESTMENT MANAGEMENT COSTS Investment manager's administration fee 4. DONATIONS Charitable activities - donations Governance costs Donations Glasgow Children's Hospital Charity UJIA Cosgrove Care The Willow Tea Rooms Trust Friends of Lubavitch Scotland University of Glasgow Dog's Trust Miscellaneous |
Direct Costs £ 175,885 - 175,885 |
2024 £ 1,741 510 157,508 159,759 2024 £ 240 Support costs (see note 5) £ - 73,544 73,544 2024 £ 75,000 - 15,000 - 10,000 25,000 30,000 20,885 175,885 |
2023 £ 1,404 728 166,514 168,646 2023 £ 240 Totals £ 175,885 73,544 249,429 2023 £ 25,000 25,000 15,000 5,000 5,000 - - 20,350 95,350 |
|---|---|---|---|
During the year, 32 organisations (2023: 35) were supported by the Foundation.
continued...
Page 12
WALTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
5. SUPPORT COSTS
| 5. | SUPPORT COSTS | ||
|---|---|---|---|
| Governance | |||
| costs | |||
| £ | |||
| Governance costs | 73,544 | ||
| Support costs, included in the above, are as follows: | |||
| Governance costs | |||
| 2024 | 2023 | ||
| Governance | Total | ||
| costs | activities | ||
| £ | £ | ||
| Auditors' remuneration | 14,738 | 12,240 | |
| Auditors' remuneration for non audit work | 23,802 | 14,400 | |
| Trustees' indemnity insurance | - | 415 | |
| Trustees' expenses | 112 | 146 | |
| Legal and professional fees | 26,029 | 33,366 | |
| Office rent | 8,863 | 9,000 | |
| 73,544 | 69,567 | ||
| 6. | AUDITORS' REMUNERATION | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Fees payable to the charity's auditors for the audit of the charity's financial | |||
| statements | 14,738 | 12,240 | |
| Auditors' remuneration for non audit work | **23,802 ** | 14,400 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023 other than as detailed in note 15.
Trustees' expenses
During the year, £112 (2023: £146) was reimbursed to one trustee for travel expenses.
8. TAXATION
| Tax on investments | 2024 £ - |
2023 £ 93,026 |
|---|---|---|
continued...
Page 13
WALTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2024 Additions Disposals Decrease in market value At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 Investment in listed investments Historical cost |
Listed investments £ 2,120,539 65,834 (75,900) (109,404) 2,001,069 2,001,069 2,120,539 |
Investment in subsidiary £ 616,399 - - - 616,399 616,399 616,399 2024 £ **2,442,632 ** |
Totals £ 2,736,938 65,834 (75,900) (109,404) 2,617,468 2,617,468 2,736,938 2023 £ 2,468,150 |
|---|---|---|---|
Investments in subsidiary
Walton Foundation holds 100% of the ordinary share capital of Lenmar Limited (Register no. SC032637). The registered office of Lenmar Limited is c/o Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.
| Aggregate share capital and reserves Aggregate capital and reserves Loss for the year |
2024 737,699 (6,302) |
2023 £ 744,101 5,556 |
|---|---|---|
continued...
Page 14
WALTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
| 10. DEBTORS 2024 £ Amounts falling due within one year: Loan due by subsidiary undertaking 9,504 Prepayments - 9,504 Amounts falling due after more than one year: Loan due from subsidiary in 1-2 years - Aggregate amounts 9,504 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Donation commitments 45,000 Taxation - Accrued expenses 13,840 58,840 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 £ Donation commitments due in one - two years 40,000 Donation commitments due in two - five years 45,000 85,000 13. MOVEMENT IN FUNDS Net movement At 1/1/24 in funds £ £ Unrestricted funds Revenue fund 2,833,514 (199,848) TOTAL FUNDS 2,833,514 **(199,848) ** |
2023 £ 8,000 2,000 10,000 8,994 18,994 2023 £ 55,000 93,026 22,656 170,682 2023 £ 10,000 15,000 25,000 At 31/12/24 £ 2,633,666 2,633,666 |
|---|---|
continued...
Page 15
WALTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds Revenue fund TOTAL FUNDS |
Incoming resources £ 159,759 159,759 |
Resources expended £ (249,669) **(249,669) ** |
Gains and Movement losses in funds £ £ (109,938) (199,848) (109,938) **(199,848) ** |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds Revenue fund TOTAL FUNDS |
At 1/1/23 £ 3,124,120 3,124,120 |
Net movement in funds £ (290,606) (290,606) |
At 31/12/23 £ 2,833,514 2,833,514 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds Revenue fund TOTAL FUNDS |
Incoming resources £ 168,646 168,646 |
Resources expended £ (258,183) (258,183) |
Gains and Movement losses in funds £ £ (201,069) (290,606) (201,069) (290,606) |
|---|---|---|---|
14. OTHER FINANCIAL COMMITMENTS
In the prior year, the Foundation entered an agreement granting it a licence to occupy office premises. As at 31 December 2024, there were commitments outstanding under this licence agreement amounting to £3,392 (2023: £10,175).
continued...
Page 16
WALTON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
15. RELATED PARTY DISCLOSURES
Travel costs of £112 (2023: £146) were paid during the year to , Trustee.
are all directors of wholly owned subsidiary undertaking, Lenmar Limited, an investment property company. As at 31 December 2024, the loan balance owed by Lenmar Limited amounts to £9,504 (2023: £16,994). This loan balance will be repaid by 31 December 2025. Interest continues to be payable at 3% on the outstanding loan balance and, during the year ended 31 December 2024, this amounted to £510 (2023: £728).
In October 2018, a commitment of £250,000 was made to provide funding to the University of Glasgow Walton Unit for Translational Pharmacology project. This is payable in 6-monthly instalments of £25,000 for 5 years commencing in 2019. Of this, £25,000 was paid during 2024 (2023: £50,000) with an additional £25,000 donated during the year. The balance remaining under this commitment as at 31 December 2024 is £nil (2023: £25,000). (a trustee until 25 August 2025), is the Principal and Vice-Chancellor of the University of Glasgow.
16. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES
In common with many other organisations of our size and nature, we use our auditors to assist with the preparation of the financial statements.
Page 17