Rosie Ross, 16, was killed by schizophrenic Inderjit Kainth while she sunbathed in Birmingham City Centre in May 2001.
Rosie's Helping Hands has raised Â£350,000 for young people in and around Aldridge, but her parents say it is time for the charity to wind down.
"We didn't want to keep it going longer than we had Rosie," said mother Karen.
The last annual Rosie's Walk takes place on Sunday at Aldridge Airfield and Mr and Mrs Ross hope to raise Â£15,000.
Mrs Ross said: "Next year it will be 16 years which is the same amount of time that we had Rosie and we didn't want to take the charity past that time.
"Obviously Rosie will always be with us and we will always miss her but we don't always want to be taken back to those very painful and raw times.
"You do learn to live and cope better with that loss."
The couple will continue to fundraise and help projects until summer 2017.
The charity helped to fund a pirate themed play area on the children's ward at Walsall Manor Hospital.
Laura Phillimore, healthcare play specialist at the hospital, said the area was a "grey concrete space" before its makeover.
"Its made an absolutely huge difference to have a bit of normalising play, making them forget they are in hospital and all the horrible things they have to go through."

The victim was attacked because her son had eloped with an upper-caste girl about a month ago.
She has alleged that police initially refused to file a case saying such incidents were not uncommon.
The incident took place in Mulgaon village on Monday afternoon but reports of the atrocity have just come out.
The village in Satara district falls in the constituency of the state's Chief Minister Prithviraj Chavan.
"The women pushed me to the ground, took off my sari and started beating me up with chappals [slipper] and a stick. They pulled my hair," the victim told a television channel.
She said the beatings continued for two hours.
On Wednesday, police arrested five people, including the eloped girl's parents.
Dalits, formerly known as "untouchables", are at the bottom of the Hindu caste system in India.
Although caste discrimination is illegal, biases remain in many areas.
The parents of a teenage girl who was stabbed to death are holding the final fundraising walk in her memory.
[NEXT_CONCEPT]
Police in India's Maharashtra state have arrested five members of an upper caste for beating, stripping and parading naked a low-caste Dalit woman.