**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:
- select suitable accounting polices and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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:
* the accounting records were not kept in accordance with section 130 of the Charities Act, or
* the accounts did not accord with accounting records, or
* the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirements 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.
_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.
- (b) Listed securities held in foreign currencies have been valued at the mid market value and translated into their sterling equivalents at the rates ruling at the Balance Sheet date.
- (c) Gilts are valued at the mid market value ruling at the Balance Sheet date and include interest which has accrued up to that 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_**|
Page 15