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2023-10-31-accounts

THE NORMAN WALKER CHARITABLE TRUST (Charity Registration Number: 1092309) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2023

Rathbone Trust Company Limited

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Index

Page
1-4 Trustees' Annual Report
5 Independent Examiner's Report
6 Statement of Financial Activities
7 Balance Sheet
8-15 Notes to the Accounts

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Trustees' Annual Report

The Trustees of the Norman Walker Charitable Trust have pleasure in submitting their Annual Report and Financial Statements for the year ended 31st October 2023.

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 governing document, 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)” (second edition - October 2019).

Objectives and activities

The Charity's objectives are to provide help for wholly charitable purposes for the public benefit as the Trustees in their total discretion determine.

To fulfil these objectives the Trustees make grants to such charitable objects from income which is mainly generated by the Charity's investments. Fund raising activities are not normally carried out.

The Trustees hold Expendable Endowment Funds of capital and Unrestricted Funds of income. All funds are available to meet the charity's objectives.

The Trustees have complied with s17 of Charities Act 2011 and have given due consideration to the guidance published by the Charity Commission on the Public Benefit requirements when exercising relevant powers or duties.

Achievements and performance

The Trustees resolved to make a number of donations during the year totalling £40,000 (£62,000 in 2022). A full list of donations is detailed in the notes to the accounts.

Net income not applied towards charitable purposes during the year is carried forward and will be donated in future years.

Financial review and results for the year

Income from investments totalled £39,878 (£39,284 in 2022) with £7,202 (£7,358 in 2022) being spent to generate the funds in the form of investment management costs. Funds expended on charitable activities totalled £45,190 (£65,510 in 2022).

The statement of Financial Position includes net gains and losses on revaluations and disposals of investments for the year. For the year ended 31st October 2023 net recognised losses totalled £77,296 (losses of £157,697 in 2022). This resulted in a net decrease in funds for the year of £89,811 (£191,282 decrease in 2022).

Funds held as at 31st October 2023 totalled £1,409,351 (£1,499,161 as at 31st October 2022) of which £8,126 (£38,438 in 2022) was held as Unrestricted Income Funds and £1,401,225 (£1,460,723 in 2022) was held as Expendable Endowment capital funds.

Page 1

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Trustees' Annual Report

Reserves

It is not the intention of the Trustees to build up or maintain income reserves, with any under expenditure of income being balanced by over expenditure in preceding or subsequent years. The Trustees did not have any long term commitments as at the Balance Sheet date so consider Unrestricted Funds of income to be free reserves available for distribution as the Trustees in their discretion think fit.

Investments:

The Trust's capital is invested in marketable investments or held in cash. There are no specific restrictions under the governing deed. Their objectives are to secure a reasonable growth in income consistent with the long term preservation of capital in real terms. These objectives are reviewed annually.

The Trustees wish to ensure that the objectives outlined above are achieved with an acceptable risk. This implies the need for diversification of investment of the Trust to include a range of assets, including fixed interest stocks, UK and overseas shares.

Investments comprise holdings in UK, large overseas listed companies, unit and investment trusts, including those investing in major international markets and also fixed interest securities. The portfolio can therefore include a proportion of medium-sized or smaller UK companies and has exposure to international markets.

The Trustees operate within the constraints applying to trusts governed by the Trustee Act 2000.

The value of the Trust's portfolio as at 31st October 2023 totalled £1,392,599 an increase from £1,341,528 as at 31st October 2022. The Trustees have reviewed the movements within the portfolio and are satisfied with the performance. They do not intend to make any change to the investment policies at this time.

Risk Management

The Charity Trustees have given consideration to the major risks to which the charity is exposed and are satisfied that systems or procedures have been established in order to manage those risks. After considering the areas of governance, operational, financial, environmental and compliance the Trustees have identified that major negative fluctuations in investment assets could cause a material risk to the Charity's funds. In order to mitigate this risk and in accordance with s15 Trustee Act 2000 the Trustees have established a Policy Statement to be adhered to by the Investment Manager, which is regularly reviewed in line with investment performance.

Structure, governance and management

The Norman Walker Charitable Trust (registration no: 1092309) is an unincorporated grant-making trust. It was created by Miss Lesley Margaret Scoular by Deed dated 8th November 2001 and is governed by the Board of Trustees. The Trustees shall hold the capital and the income of the Fund upon Trust to apply the income and, as far as may be necessary, the capital for or towards such charitable purposes and to make donations to charitable bodies or institutions at such times and in such manner as the Trustees may in their absolute discretion think fit.

The power of appointing new Trustees is vested in the then current Trustees. Trustees are selected due to their connection with the current Trustees in accordance with their skills, experience and understanding of the obligations imposed on such an appointment.

Page 2

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Trustees' Annual Report

While the board of Trustees remains responsible for all matters of charity business, Ms Scoular and Mr Lanyon primarily consider applications for funding and Rathbones Trust Company ensures all compliance requirements are met.

The Trustees meet at least annually with two trustees forming a quorum. The deed does not require meetings to be held in person.

Reference and administrative details

Registered Charity Number: 1092309 Principal Address: C/o Rathbones Trust Co Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Trustees who served Miss Lesley Margaret Scoular during the year: Rathbones Trust Company Limited Richard Patrick Lanyon

The individuals who were directors of Rathbones Trust Company Limited were:

Linda Joyce Cousins Timothy Francis Smith - retired 31/12/2023 Robert Paul Stockton Trevor Harris Alexander Richmond James Stephen Hurrell Bruce Robert Newbigging Kerry Roberts Bankers and Rathbones Investment Management Investment Managers: Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Accountancy: Rathbones Trust Company Limited Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Independent Examiner: Anita Mason BA(Hons) BFP FCA BWM, Tempest, Suite 5.1, 12 Tithebarn Street, Liverpool, L2 2DT

Plans for the future

The Trustees are satisfied that their policies and procedures will help the charity meet with its objectives and therefore foresee no changes being made in the near future.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Annual Report and Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of its income and application of resources for that year.

Page 3

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Trustees' Annual Report

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions 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.

Declaration

The Trustees declare that they have approved the Trustees' Annual Report above.

Signed on behalf of the Board of Trustees

K Roberts
Rathbones Trust Company Limited		 30.08.2024
Date

Page 4

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Independent Examiner's Report

Independent examiner's report to the trustees of the Norman Walker Charitable Trust

I report on the accounts of the Norman Walker Charitable Trust for the year ended 31st October 2023, which are set out on pages 6 to 15.

This report is made solely to the charity's trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my examination, for this report, or for the opinions I have formed.

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 Trust's accounts carried out under section 145 of the 2011 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 examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:

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.

A Mason 30.08.2024 Anita Mason BA(Hons) BFP FCA Date BWM, Tempest, Suite 5.1, 12 Tithebarn Street, Liverpool, L2 2DT

Page 5

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Statement Of Financial Activities as at 31st October 2023

Total Total
Expendable Unrestricted Funds Funds
Endowment Funds 2023 2022
£ £ £ £
Notes
Income and endowments from
Investments 3 0 38,310 38,310 39,061
Other income 4 0 1,567 1,567 223
Total 0 39,877 39,877 39,284
Expenditure
Raising funds 5 7,202 0 7,202 7,358
Charitable activities 6 0 45,190 45,190 65,510
Total Expenditure 7,202 45,190 52,392 72,868
Net Gains / (Losses) on investments 10 (77,296) 0 (77,296) (157,698)
Transfer between funds 15 25,000 (25,000) 0 0
Net movement in Funds (59,498) (30,313) (89,811) (191,282)
Total Funds as at 1st November 2022 1,460,723 38,438 1,499,161 1,690,443
Total Funds as at 31st October 2023 1,401,225 8,125 1,409,350 1,499,161

Page 6

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Balance Sheet as at 31st October 2023

Total Total
Expendable Unrestricted Funds Funds
Endowment Funds 2023 2022
Notes
Fixed Assets
Investments 10 1,392,599 0 1,392,599 1,341,528
Total Fixed Assets 1,392,599 0 1,392,599 1,341,528
Current Assets
Debtors 11 0 803 803 51,470
Cash at Bank 12 8,626 15,513 24,139 143,801
Total Current Assets 8,626 16,316 24,942 195,271
Liabilities
Creditors
Amounts falling due within one year 13 0 8,190 8,190 37,638
Net Current Assets 8,626 8,126 16,752 157,633
Total Net Assets as at 31st October 2023 1,401,225 8,125 1,409,350 1,499,161
Represented by:
Total Charity Funds at 1st November 2022 1,460,723 38,438 1,499,161 1,690,443
Movement in Funds 15 (59,498) (30,313) (89,811) (191,282)
Total Funds as at 31st October 2023 1,401,225 8,125 1,409,350 1,499,161

Agreed and signed on behalf of the Board of Trustees

K Roberts
Rathbones Trust Company Limited		 30.08.2024
Date

Page 7

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Notes to the Accounts

1 Accounting Policies

Charity Information

The Norman Walker Trust is a charitable trust governed by a Settlement Deed dated 8 November 2001. The charity is registered with the Charity Commission in England and Wales. Its principal address is Port of Liverpool Building, Pier Head, Liverpool, L3 1NW.

The charity is a Public Benefit Entity as defined by FRS 102.

Accounting Convention

The financial statements have been prepared in accordance with the charity's governing document, the Act 2011, FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK Republic of Ireland (FRS 102)” (second edition - October 2019 - effective 1 January 2019).

The accounts have been prepared to give a 'true and fair' view and so have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure consists of adopting the current version of the SORP (FRS 102).

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of investment assets at fair value. The principal accounting policies adopted are set out below.

The Trustees have assessed whether the use of Going Concern is appropriate and have concluded that the charity has adequate resources and reserves to enable it to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern. Thus the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the statements

Charitable Funds

Unrestricted funds are primarily generated by the charity's capital investments and are available for use at the discretion of the charity in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Expendable Endowment funds of capital are available to be applied at the discretion of the trustees in furtherance of the charity's objects. Expendable Endowment is held primarily for income generation and increases or decreases in line with the investment valuation. Transfers from Expendable Endowment to Unrestricted Funds are made at the trustees' discretion.

Page 8

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Notes to the Accounts

Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the earlier of the receipt of funds or confirmation that Gift Aid may be reclaimed.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

All dividend income is recorded net and includes tax deducted only when it is repayable to the Charity.

Expenditure

Expenditure is recognised when paid or when there is a legal or constructive obligation for which it is more likely than not that a transfer of economic benefit will be required in settlement and the amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide particular goods, services or funding to the recipient by the reporting date and there are no conditions attached to its payment falling due after the reporting date.

Provisions for liabilities must be recognised when either the timing or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources is no longer required, provisions are reversed and charged to the SoFA.

Governance costs

Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Investments

Investments held in the fund are included at their market value as follows:

(a) Listed securities are valued at the mid market value ruling at the Balance Sheet date.

Investments are classified as a fixed asset except when classified as a current asset where the intention of the trustees is to dispose of the asset and not reinvest the proceeds.

Page 9

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Notes to the Accounts

Other recognised Gains and Losses

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost and are charged or credited to the Statement Of Financial Activities in the year of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities resulting from revaluing investments to market value at the Balance Sheet date.

Taxation

The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which it relates.

Cash and cash equivalents

Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial Instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Cancellation of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Page 10

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Notes to the Accounts

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Investment income
Overseas
Gilt Interest
UK Equities
Unit Trust
Property Income
Excess Reportable Income
Non reclaimable Tax paid at source
Overseas Tax
4 Other income
Bank Interest
5 Raising funds
Rathbones Investment Management fees
6 Charitable activities
Grant making:
Grants made (note 7)
Governance costs (note 8)
Bank charges		 2023
£
10,565
1,650
13,453
10,600
2,560
0
0
(518)
38,310
2023
£
1,567
1,567
2023
£
7,202
7,202
2023
£
40,000
5,190
0		 2022
£
8,082
140
16,169
12,160
2,580
0
(62)
(8)
39,061
2022
£
223
223
2022
£
7,358
7,358
2022
£
62,000
3,490
20

Page 11

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Notes to the Accounts

Notes to the Accounts
45,190
7 Grants made
2023
To Institutions:
£
Afghanaid
3,000
British Red Cross
5,000
DEC Earth
5,000
Linda Notgrove Foundation
3,000
Mercy Corps
3,000
National Trust for Scotland
2,000
Pakistan Flood Appeal
0
PDSA
2,000
Practical Action
2,000
RNLI
3,000
Royal British Legion
3,000
Salvation Army
3,000
Sightsavers
3,000
Shoezone Trust
0
SSPCA
3,000
40,000
8 Governance costs
2023
£
Rathbones Accountancy fee
2,165
Rathbones Administration fee
780
Independent Examination fee
1,440
Underprovision for prior year Independent Examination fee - BWM
1,440
Overprovision for prior year Independent Examination fee - S Spenc
(635)
5,190		 65,510
2022
£
5,000
5,000
0
3,000
3,000
2,000
5,000
2,000
2,000
3,000
3,000
3,000
3,000
20,000
3,000
62,000
2022
£
2,100
780
610
0
0
3,490

9 Remuneration and Benefits

The charity has no employees.

No amounts have been paid to the trustees by way of remuneration or reimbursement of expenses during the year (nil 2022).

Page 12

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Notes to the Accounts

10 Investments
Value at
Purchases
Sales
Realised
Unrealised
Value at
31/10/22
at cost
proceeds
Gain/Loss
Gain/Loss
31/10/23
Listed investments
£
£
£
£
£
£
Overseas
689,814
7,839
(60,556)
(2,950)
(32,877)
601,270
UK Fixed Int & Bonds
68,753
153,193
(17,470)
573
(250)
204,799
Equity & Inv Income
534,961
224,188
(186,560)
(15,022)
(7,816)
549,751
Property Income
48,000
7,733
0
0
(18,954)
36,779
1,341,528
392,953
(264,586)
(17,399)
(59,897)
1,392,599
11 Debtors
2023
2022
£
£
Investment Income receivable
803
1,195
Unsettled investment transaction - sale
0
50,275
803
51,470
12 Cash at Bank
2023
2022
£
£
Rathbones Investment Management
24,139
143,801
24,139
143,801
13 Current liabilities
2023
2022
Creditors: amounts due within one year
£
£
Rathbones Trust Co Ltd - Final accountancy fees
2,165
2,100
Rathbones Trust Co Ltd - prior years
2,950
850
Independent Examination fees - BWM
1,440
630
Independent Examination fees - Sarah Spencley
0
610
Rathbones Trust Co Ltd - Administration fees
780
780
Rathbones Trust Co Ltd - prior years
855
780
Unsettled investment transaction - purchase
0
31888
8,190
37,638
14 Financial Instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments receivable within one year
- Debtors
803
51,470
- Cash
24,139
143,804		 Value at
Purchases
Sales
Realised
Unrealised
Value at
31/10/22
at cost
proceeds
Gain/Loss
Gain/Loss
31/10/23
£
£
£
£
£
£
689,814
7,839
(60,556)
(2,950)
(32,877)
601,270
68,753
153,193
(17,470)
573
(250)
204,799
534,961
224,188
(186,560)
(15,022)
(7,816)
549,751
48,000
7,733
0
0
(18,954)
36,779		 Value at
Purchases
Sales
Realised
Unrealised
Value at
31/10/22
at cost
proceeds
Gain/Loss
Gain/Loss
31/10/23
£
£
£
£
£
£
689,814
7,839
(60,556)
(2,950)
(32,877)
601,270
68,753
153,193
(17,470)
573
(250)
204,799
534,961
224,188
(186,560)
(15,022)
(7,816)
549,751
48,000
7,733
0
0
(18,954)
36,779		 Value at
Purchases
Sales
Realised
Unrealised
Value at
31/10/22
at cost
proceeds
Gain/Loss
Gain/Loss
31/10/23
£
£
£
£
£
£
689,814
7,839
(60,556)
(2,950)
(32,877)
601,270
68,753
153,193
(17,470)
573
(250)
204,799
534,961
224,188
(186,560)
(15,022)
(7,816)
549,751
48,000
7,733
0
0
(18,954)
36,779
1,341,528
392,953
(264,586)		 (17,399)
(59,897)		 1,392,599
2023
£
803
0
803
2023
£
24,139
24,139
2023
£
2,165
2,950
1,440
0
780
855
0
8,190
2023
£
803
24,139		 2022
£
1,195
50,275
51,470
2022
£
143,801
143,801
2022
£
2,100
850
630
610
780
780
31888
37,638
2022
£
51,470
143,804

Page 13

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Notes to the Accounts

Carrying amount of financial liabilities
Payable within one year
- Creditors
Instruments measured at fair value through SOFA
Investments at value
15 Movements between funds
Balance at
31/10/22
Income
Expenditure
£
£
£
Expendable Endowments
Investments
1,460,723
0
(7,202)
Unrestricted funds:
General funds
38,438
39,877
(45,190)
Total funds
1,499,161
39,877
(52,392)		 Carrying amount of financial liabilities
Payable within one year
- Creditors
Instruments measured at fair value through SOFA
Investments at value
15 Movements between funds
Balance at
31/10/22
Income
Expenditure
£
£
£
Expendable Endowments
Investments
1,460,723
0
(7,202)
Unrestricted funds:
General funds
38,438
39,877
(45,190)
Total funds
1,499,161
39,877
(52,392)		 24,942
8,190
1,392,599
Gains /
(Losses)
Transfers
£
£
(77,296)
25,000
0
(25,000)		 195,274
37,638
1,341,528
Balance at
31/10/23
£
1,401,225
8,125
1,499,161
39,877
(52,392)		 (77,296)
0		 1,409,350

16 Transactions with related parties

Interests are always properly declared and acknowledged during determination of applications and in these situations the person with the related party interest does not participate in the decision other than to clarify facts.

Rathbones Investment Management (RIM) and Rathbone Trust Company (RTC) are both wholly owned subsidiaries of Rathbones Brothers Plc. The investment management is undertaken by RIM at their standard terms as offered to other charities. RTC is not obliged to appoint or retain RIM as investment managers but do so on the basis that the terms and performance have been satisfactory when compared to alternative providers of investment management. The matter is monitored and kept under review to ensure that the charity receives appropriate and cost effective investment management services.

Apart from a provision of £2,945 (£2,880 in 2022) relating to Rathbones Trust Company, trustee, for professional services provided, which is authorised by powers contained within the charity's deed, no amounts were paid from the Charity to any related parties during the year (nil 2022).

No amounts were received by the Charity from any related parties requiring disclosure during the year

(nil 2022).

No other related transactions requiring disclosure took place during the year.

Page 14

Norman Walker Charitable Trust

Annual Report and Unaudited Financial Statements for the year ended 31st October 2023

Notes to the Accounts

17 Comparative Statement Of Financial Activities
Income and endowments from
Investments
Other income
Total
Expenditure
Raising funds
Charitable activities
Total Expenditure
Net Gains / (Losses) on investments
Net movement in Funds
Unrestricted Funds as at 1st November 2021
Unrestricted Fund as at 31st October 2022		 Total
Expendable Unrestricted
Funds
Endowment
Funds
2022
£
£
£
0
39,061
39,061
0
223
223
0
39,284
39,284
7,358
0
7,358
0
65,510
65,510
7,358
65,510
72,868
(157,698)
0
(157,698)
(165,056)
(26,226)
(191,282)
1,625,779
64,664
1,690,443
1,460,723
38,438
1,499,161

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