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2025-10-31-accounts

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

NORMAN WALKER TRUST (Charity Registration Number: 1092309) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

Rathbones Trust Company Limited

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

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

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

Trustees' Annual Report

The Trustees of the Norman Walker Trust have pleasure in submitting their Annual Report and Financial Statements for the year ended 31 October 2025.

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

During the year, the Trustees made one donation. This was a reduction in comparision to the usual annual donations, due to insufficient income funds to support the grants. The Trustees' hope to resume the usual grant schedule soon.

Financial review and results for the year

Income from investments and interest totalled £30,592 (£38,622 in 2024) with £7,330 (£7,483 in 2024) being spent to generate the funds in the form of investment management costs. Funds expended on charitable activities, including governance costs, totalled £11,165 (£69,670 in 2024).

The Statement of Financial Activities includes net gains and losses on revaluations and disposals of investments for the year. For the year ended 31 October 2025 net recognised gains totalled £100,461 (gains of £154,439 in 2024). This resulted in a net increase in funds for the year of £112,558 (£115,908 increase in 2024).

Funds held as at 31 October 2025 totalled £1,637,816 (£1,525,258 as at 31 October 2024) of which £19,427 (£0 in 2024) was held as Unrestricted Income Funds and £1,618,389 (£1,525,258 in 2024) was held as Expendable Endowment capital funds.

Page 1

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

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 31 October 2025 totalled £1,610,009 an increase from £1,533,712 as at 31 October 2024. 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

Norman Walker Trust (registration no: 1092309) is an unincorporated grant-making trust. It was created by Ms Lesley Margaret Scoular by Deed dated 8 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

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

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 Lesley Margaret Scoular during the year: Richard Patrick Lanyon Rathbones Trust Company Limited

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

Bruce Robert Newbigging - Retired 31/12/2024 Linda Joyce Cousins - Retired 31/12/2024 Robert Paul Stockton - Resigned 06/06/2025 James Stephen Hurrell - Resigned 06/06/2025 Alexander Richmond - Retired 31/03/2026 Anna Frost Suhajova - Appointed 01/07/2025 Kerry Roberts Trevor Harris Bankers and Rathbones Investment Management Limited 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, Mitchell Charlesworth Suites C, D, E, F, 14th Floor, The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ

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.

Page 3

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

Trustees' Annual Report

Statement of Trustees' responsibilities for the annual accounts

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

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

In preparing these financial statements, the Trustees are required to:

The Trustees have assessed the charity’s ability to continue as a going concern and considered any material uncertainties that may impact this assessment.

The Trustees are responsible for:

Declaration

The Trustees confirm that they have approved the Trustees’ Report and the financial statements above and are satisfied that the charity has adequate assets available to fulfil its obligations and that the accounts comply with current statutory requirements.

Signed on behalf of the Board of Trustees:

18 August 2026 | 10:42 AM BST

Rathbones Trust Company Date Trustee

Page 4

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

Independent Examiner's Report

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

I report on the accounts of the Norman Walker Trust for the year ended 31 October 2025, 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.

18.08.2026

Anita Mason BA (Hons) BFP FCA - Mitchell Charlesworth Date

Suites C, D, E, F, 14th Floor, The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ

Page 5

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

Statement Of Financial Activities as at 31 October 2025

----- Start of picture text -----
Expendable Unrestricted Total Total
Endowment Funds Funds Funds
2025 2025 2025 2024
£ £ £ £
Notes
Income and endowments from
Investments 3 0 29,916 29,916 38,128
Other income 4 0 676 676 494
Total 0 30,592 30,592 38,622
Expenditure
Raising funds 5 7,330 0 7,330 7,483
Charitable activities 6 0 11,165 11,165 69,670
Total Expenditure 7,330 11,165 18,495 77,153
Net gains / (losses) on investments 10 100,461 0 100,461 154,439
Transfer between funds 15 0 0 0 0
Net movement in Funds 93,131 19,427 112,558 115,908
Total Funds as at 1 November 2024 1,525,258 0 1,525,258 1,409,350
Total Funds as at 31 October 2025 1,618,389 19,427 1,637,816 1,525,258
----- End of picture text -----

The notes on pages 8 to 15 form part of these accounts.

Page 6

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

Balance Sheet as at 31 October 2025

Notes
Fixed Assets
Investments
10		 Expendable
Unrestricted
Total
Total
Endowment
Funds
Funds
Funds
2025
2025
2025
2024
£
£
£
£
1,610,009
0
1,610,009
1,533,712
Total Fixed Assets 1,610,009
0
1,610,009
1,533,712
Current Assets
Debtors
11
Cash at Bank
12		 0
845
845
75
8,380
23,385
31,765
(49)
Total Current Assets
Liabilities
Creditors
Amounts falling due within one year
13		 8,380
24,230
32,610
26
0
4,803
4,803
8,480
Net Current Assets 8,380
19,427
27,807
(8,454)
Total Net Assets as at 31 October 2025 1,618,389
19,427
1,637,816
1,525,258
Represented by:
Total Charity Funds at 1 November 2024
Movement in Funds
15		 1,525,258
0
1,525,258
1,409,350
93,131
19,427
112,558
115,908
Total Funds as at 31 October 2025 1,618,389
19,427
1,637,816
1,525,258

Agreed and signed on behalf of the Board of Trustees

18 August 2026 | 10:42 AM BST Rathbones Trust Company Limited Date Trustee

The notes on pages 8 to 15 form part of these accounts.

Page 7

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

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.

Going Concern

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

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

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

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

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 cancelled.

Page 10

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

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.

There were considered to be no critical accounting estimates or judgements applied in the preparation of these financial statements.

3 Investment income
Overseas Income
Overseas Interest
Gilt Interest
UK Equities
Unit Trust Income
Unit Trust Interest
Other Income
Excess Reportable Income
Overseas Tax
Accrued Interest
4 Other income
Bank Interest
5 Raising funds
Rathbones Investment Management fees		 2025
£
5,315
2,652
4,640
12,455
4,927
0
1,280
0
(906)
(447)
29,916
2025
£
676
676
2025
£
7,330
7,330		 2024
£
8,977
4,345
4,822
12,180
5,966
215
1,920
389
(593)
(93)
38,128
2024
£
494
494
2024
£
7,483
7,483

Page 11

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

Notes to the Accounts

6 Charitable activities
Grant making:
Grants made (note 7)
Governance costs (note 8)
7 Grants made
To Institutions:
Afghanaid
British Red Cross
Disaster Emergency Committee - Middle East Appeal
Linda Notgrove Foundation
Mercy Corps
National Trust for Scotland
PDSA
Practical Action
RNLI
Royal British Legion
Salvation Army
Sannox Christian Centre
Sightsavers
SSPCA
8 Governance costs
Rathbones Accountancy fee
Overprovision for prior year Accountancy fee
Underprovision for prior year Accountancy fee
Rathbones Administration fee
Independent Examination fee
Underprovision for prior year Independent Examination fee		 2025
£
5,000
6,165
11,165
2025
£
0
5,000
0
0
0
0
0
0
0
0
0
0
0
0
5,000
2025
£
2,820
0
339
780
1,908
318
6,165		 2024
£
65,000
4,670
69,670
2024
£
3,000
5,000
10,000
18,000
3,000
2,000
2,000
2,000
3,000
3,000
3,000
5,000
3,000
3,000
65,000
2024
£
2,400
(220)
0
780
1,590
120
4,670

Page 12

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

Notes to the Accounts

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 2024).

**10 ** Investments
Value at		 Purchases Sales Realised Unrealised Value at
01/11/24 at cost proceeds Gain/Loss Gain/Loss 31/10/25
Listed investments
£		 £ £ £ £ £
Overseas Income
651,788		 259,200 62,829 8,409 28,795 885,363
UK Fixed Interest
290,889		 13,270 59,654 (193) 9,447 253,759
UK Equities
548,531		 153,275 274,066 (1,639) 44,786 470,887
Property Income
42,504		 0 53,360 10,856 0 0
1,533,712 425,745 449,909 17,433 83,028 1,610,009
**11 ** Debtors
Investment income receivable
Unsettled dividends		 2025
£
78
767		 2024
£
75
0
845 75
**12 ** Cash at Bank
Rathbones Investment Management		 2025
£
31,765		 2024
£
(49)
31,765 (49)
**13 ** Current liabilities
Creditors: amounts due within one year
Rathbones Trust Co Ltd - Accountancy fees
Rathbones Trust Co Ltd - Accountancy fees - prior years
Rathbones Trust Co Ltd - Administration fees
Rathbones Trust Co Ltd - Administration fees - prior years
Mitchell Charlesworth - Independent Examination fees		 2025
£
2,115
0
780
0
1,908		 2024
£
1,695
2,855
780
1,560
1,590
4,803 8,480

Page 13

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

Notes to the Accounts

14 Financial Instruments
Carrying amount of financial assets
Debt instruments receivable within one year
- Debtors
- Cash at bank
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
01/11/24
Income
Expenditure
£
£
£
Expendable Endowments
Investments
1,525,258
0
(7,330)
Unrestricted funds
General funds
0
30,592
(11,165)
Total funds
1,525,258
30,592
(18,495)		 2025
£
845
31,765
32,610
4,803
1,610,009
Gains /
(Losses)
Transfers
£
£
100,461
0
0
0
100,461
0		 2024
£
75
(49)
26
8,480
1,533,712
Balance at
31/10/25
£
1,618,389
19,427
1,637,816

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 Rathbones Trust Company (RTC) are both wholly owned subsidiaries of Rathbones Group 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.

Page 14

Docusign Envelope ID: 2FCB14BA-8AF5-8A6A-8381-CCEC310F987F

Norman Walker Trust

Annual Report and Unaudited Financial Statements for the year ended 31 October 2025

Notes to the Accounts

Apart from a provision of £3,939 (£2,960 in 2024) 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 2024).

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

(nil 2024).

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

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
Transfer between funds
Net movement in Funds
Unrestricted Funds as at 1 November 2023
Unrestricted Fund as at 31 October 2024		 Expendable Unrestricted
Total
Endowment
Funds
Funds
2024
2024
2024
£
£
£
0
38,128
38,128
0
494
494
0
38,622
38,622
7,483
0
7,483
0
69,670
69,670
7,483
69,670
77,153
154,439
0
154,439
(22,923)
22,923
0
124,033
(8,125)
115,908
1,401,225
8,125
1,409,350
1,525,258
0
1,525,258

Page 15