Company Number: 07951538 Registered in England Charity NUmr. 1146851 THE NORTH WALL TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 CONTENTS: Truste88, Officers and Advisers Trustees, Report Independent Auditor's Report to the Trustees Statemenl of Financial Activities Balance Sheel Notes to the Financial Statements 7-10 12 13-17
THE NORTH WALL TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 TRUSTEES, OFFICERS AND ADVISERS TRUSTEES AND DIRECTORS The Twstees of tha Trust are the Dlreclors of the Company and have all served In office throughout the period except where indicaleé. The Trustees are.. Mike Stanfiel¢Y Nicholas Connaughton Georgina Dennis Louise Fawcett-Posada George Howe (Fenton) Kenneth MacRitchl8 Emeline Winston OFFICERS The current 0eT8, who served throughout the per5od except where Indicated, are.. Art18tic Directors John Hoggarth and Rla Parry Company S8cretsry Edward Hayler PRINCIPAL ADDRESS Woodstock Road, Oxford, OX2 7NN Webslte address.. htlps'.//www.Ih8northwall.com ADVISERS Banker8 Barclays 8ank pl¢ PO Box 858 11 Wesl Way Oxford OX2 OXP Independent Auditors Crll¢hleys Audlt LLP Beaver House 23-38 Hythe 8ridge Sireel Oxforé OX1 2EP
THE NORTH WALL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees present, for the year ended 31 August 2022, the Annual Report under the Charities Act 2022, incorporating the Directors, and Strategic Report5 under the Companies Acl 2006. together with the audileé financial stslements of The North Wall Tnjsl arKI independent auditor's reports. STRUCTURE The North Wall Tnjsl (the Trust" or the 'Company } was incorporated on 15 February 2012 (Company Number 079515381 and registered with the Charity Commisslon on 11 April 2012 (Charity Number 11468511. Th6 Trust is a company limlled by guarantee and a wholly owned subsidiary of Sl Edward'5 School. STRUCTURE, GOVERNANCE AND MANAGEMENT Govoinlng DoGum•nls The Trust is governed by its Memorandum and Artlcles of Associallon. The Trustees, the Officers and Iho addres5 of th8 Tnjsl are given on page 2. Ro¢ruStment and Tralnlng New TnJslees are inducted into Ihe worklngs of the Trust by the Governors, the officers of St Edward's School and the Art15tic Directors. Structuro The acllvilies of the Trust are underlaken by the staff of the North Wall Arts Centre {"The North Wall'l, who are employed by Sl Edward's School. The Trustees meet on a regular basis lo review the activrties of Ihe Trust. OBJECTS. AIMS AND ACTIVITIES ObJo¢l8 The Objects of the Trust are lo advance the education of the public, in particular children and young poople. in the performing, theatre and visual arts. including educational courses and the produolion of artisti¢ works. Alms The misslon of the TNSI is to ¢reate, promote and perpetuate the performing and vlsual arts and to provide opportunities for everyone, bul particularly young people, to experience and lo make art of the highest quallty. The Trust exists to break down barriers to participation in the arts. unillng talented young artis15 With Innovative professional artists lo ¢reale bold new work through inlegraled residenll81 projects. productions and educational aclivlly. A¢hl•vements The Trust achieved its core projects for 2021-2022. including a return lo an in-person ArtsLab Easter Residential programme and the first in-person Alchymy Festival slnce 2019. The Nalional Theatre Connections Partner Festival took place in The North Wall buildlng. celebrating the talent5 of local youth theatre and school groups. The Art$Lab Summer Residential programme look place in partnership wlh W1se Children, working with early-career artists from across the UK. In Avgusl The North Wall produced a new play by ArtsLab alumnus Karim Khan al the Edinburgh Festival.
THE NORTH WALL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 OBJECTS, AIMS AND ACTIVITIES lcontinuedl Relation¥hlp betweon tho North Wall and St Edward'g School The North Wall. whlch is on the sile of St Edward's School, remains the main base for all Trust a¢livilie5 includlng stsff and resources (for example technical, marketing and box office) Sl Edward's School conlinues to provide the residential facilities for all ArtsLab resldenlial prolects free of charge.. il is the immersive nature of the projects which provides a unique vocational Irainlng for emerging young artists. The Trust can access these facilities with no direct cost implication5 and therefore 811 Trust income can go directly lo support the cost of project5. Sl Edward's School has pledged to continue to provide Ihls support for 22-23 activity. Fundral$lng perfomanco In term$ of unreslri¢led income. funds were given lo the Trust by Sl Edward's School to support Ils core running and delivery of aclivily. Addllional grants were received from organisalions including the Garfield Weston Foundation, Oxford City Council and PYE Charitable Trust. Public Benofit The Trust operates in line with the Publlc Benefll definS1ion as Provided by the Charillès Commisslon. The core purpose of the Trust's acllvities Is educallonal, in particular il has a focus on the training of young artists, wllh the aim of producing future generallons who are not only highly ski118d, bul also have the desire lo create art responsibly and a passion to communicate forward-thinking Ideas In new ways. The Trust provides an environment wllhln which naw art works can be developed lo produGllon Standard. and this in lurn has the much wider impacl of bringing the debate and the aeslhelic lo public audiences of all ages. In addllion lo vwalional, career-enhancing opportuntties for young artists, the Trust offer5 OPPOrtunrties for young people lo experience and learn through participation In high quality arts activity. STRATEGIC REPORT Art$Lab Resldontlal• Th8 Trust's ArtsLab residential programmes during the Easter and Summer holidays went ahead after previous years of adapted programmes due lo covld-reslriclions. During the Easter holidays, young writer$ and directors look part In Calalysl, a flagship ArtsLab project that allows young wrllers to have their work developed, rehearsed and staged, supported throughout by professional mentors and an ensemble of professional actors, culminating In a public performance. During the Summer holidays The North Wall partnerèd with Wise Children to ran a thealre-makbng resenCY for early-career artists. Young Peoplo and Famlllos Activities included workshops in writing, comedy and Improvisallon. a Camera Club. a dance maslerclass, a fSlm project partnering with l.M.P.S, outdoor shows for the local communily and local schools. a theatre club for young carers, a Christmas Light Festival. and particlpation in the NT Connectlons Festival as a continuing host venue for 2022. North Wall Co.Produ¢tlon8 With the aim of further supporting the work and artists that emerge from the ArtsLab and Croalive Associate programme, the Trust supported the d8velopment of new work and projects by artists including Eulon Daley, Philippa James and Goya Theatre. The North Wall produced a new play by Oxford writer and ArtsLab alumnus Karirn Khan al the Edinburgh Festival 2022.
THE NORTH WALL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC RepoRT (contlnuod} Al¢hymy Festival of Now Work After moving online in 2021 due lo the pandemic, the Achymy Festival returned lo The North Wall building in Spring 2022, providing a plarform for ArtsLab graduate writers and Ihealre-makers to showcase new work In various 5tag8s of development - alongside a programme of panel diswssions and workshops for early-career art151s and the local communlty. FINANCIAL REVIEW In 2021 Sl Edward's School took the decision lo change ils accounting period end lo 31 August in order to bring the financial year in line with the academic year. The Company has therefore also changed it5 accounting period to 31 August. The slalemenl of financial activities show$ a surplus on unreslricled activities of £13.584 and a deficit of £38,974 on reslrlcled funds as funds previously received were spent on Ihelr inl8nded purposes. This results In a lolal nel expenditure of £25.390113 Months lo 31 Au9USt 2021.. nel expenditure of £54,290). The Company Is financially depend8nl on the support of si Edward's School. The Trust Ss also funded by a combination of grants, donations, sponsorship and sales generated Income. RESERVES POLICY AND RESERVES LEVEL The Trustees review the Trust's reserves policy on an annual basls. The Trust manages ils funds and the grants and donallon5 11 reG8ives so that, al any time, sufficlent r880urces are available lo ensure that key projec15 are completed and essential costs are covered. The Trust Is fortunate In that belng part of the Si Edward's School Infraslruclure, rt oan expend alm08t 811 resources on ils projects, so long as the flnancial resources are avallable and Confirmed. For these reasons, the Tru51ees are not currently looklng lo build up a significant free reserve. Any unrestricted income generated is used to further the Trust's obleclive5. As al 31 August 2022, the Trust had total reserves of £42,55412021'. £67,944) of which £6,7{2021. £45,770) were reslricled reserves. Unreslricled reserves were £35,758 (2021.. £22,174). GOING CONCERN On the basls that Sl Edward's Schod has confirmed 115 conllnued support for the Tru81, the Trustees are of the view that the Trust is a going concern. RISK MANAGEMENT The Trustees are responsible for the management of the risks faced by the Trust. Detailed considerations of risk are delegateé to the Company's management and is a continuous PTwess. The Trustees hold a formal review of risk management processes annually. The key ¢onlrols used include.. formal agenda papers and minutes for all Committee and Board acllvity,. • comprehensive strategic planning, budgeting and management accounting,. RISK MANAGEMENT (Continu•dl
THE NORTH WALL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 established organlsational structure and clearly recognised lines of reporting.. fomal wrillen policSes'. • clear aulhorisation and approval levels., and velling procedures as rèquired by law for the prolecllon of the vulnerable. Through th8 risk established management processes, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary, $0 far a5 PQ55ible. They recognise, however. that any system can only provide reasonable rather than absolute assurance that major risks have b88n adequately managed and the measures they have taken are therefore kept under constant review. FUTURE PLANS The Trust plans lo deliver its core ArtsLab programmes in 2022-23 (Easter and Summer residenlialsl 2nd will continue lo provid8 meaningful opportunities for the nurturing and development of young artists and new work. Future plans include.. Alchymy Fesllval 2023., an Oxford and London njn in Autumn 22 of The North Wall's Edinburgh Festival production of 8rown Boys Swim wrillen by ArlsLab alumnus Karlm Khan. and continuing as 8 partner theatre for the National Theatre Connections Festival 2023. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustees (who ar8 al$0 dlreclors of the Trust for the purposes of Gompany law) are responsiblè for preparing the Annual Report and the financial slalemenls with applicable law and United Kingdom Generally A¢c8pled Accounting Practice (United Kingdom Accounting Slandardsl. Company law requires the Trustees lo ppare financial slalemenls for each financial period. Under that law the Trustee8 have elected lo prepare the finanGial slalemenls In accordance wilh United Kingdom Generally Accepted Accounting Practice Iunlled Kingdom Accountlng Standards) and applicable law. Company law requlres the Trustees to prepare finanGlal statements for each financial period. Under company law the Trustee5 must not approve the financial $18temenls unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and group and of the incomlng resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial $talement8, the Trustees are required lo: select the most suitable a¢counting polici85 and then apply them con8lslently,' observe the methods and principles In the Charilles SORP., make judgement5 and accountlng estimates Ihal are reasonable and prudent,. stale whether applicable UK Accounting Stsndards have been followed, subject lo any material departures disclosed and explained in the financial stalemenls-, and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charitable company will contlnue in buslness. The Trustees are responsible for keeping adequate records that are sufficlent lo show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity s conslilution. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES (Contlnued)
THE NORTH WALL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Insofar as each of the Tru51ees. who are also Director5 of the Company. Is aware at the time of approving the Annual Report of the Governor5'. there is no relevant audit information, b8ing information needed by the auditor In connection with preparlng their report, of which the Company's auditor is unaware. and each Trustee has taken all the steps that he or she should have taken as a Trustee in order to mak8 himself or herself aware of the re18vant audit infomiation and to establish that the Company's auditor is aware of that inforrnation. Approved by the Trustees on 30 January 2023. Including, In thelr capacty as company dlreclors, approvlng the Directors, and Strategic Reports conlalned therein, and signed on Its behalf by.. nfield, Trustee 30 January 2023
THE NORTH WALL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NORTH WALL TRUST FOR THE YEAR ENDED 31 AUGUST 2022 Opinlon We have audited the financial statements of The North Wall Trust ('Ihe charltable company } for the year ended 31 August 2022 which comprise The Sialemenl of Financial Aclivilies, The Balance Sheet and notes to the financial slalemenls, including significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Repcxling Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounllng Praclicel. In OLtr opinion. the financial statements.. 'give a true and fair vW of the stale of the charitable Company's affairs as al 31 August 2022 and of its incoming resources and application of resources for the year then ended., .have been properly pr•pared In accordance wilh United Klngdom Generally Acc8Pted Accounting Pracllce,. and .have been prepared In accordanGa with the requlremenls of the CompanSes Act 2006. Bas18 for oplnlon We conducted our audit in accordance with International Standards on Auditing {UKI IISAS IUKI) and applicable law. Our responsibilities under those Standards are further described in the Auditor's rasponsibilitS for the audit of the fin8ncial statements section of our report. We are Indapendenl of the charitable company in accordance wllh the othlcal requirements that are relevant to our audit of the financlal slalemenls In the UK, includlng the FRC'S Ethical Standard and we have fulfilled our other elhlcal responsibililles in accordance with these requirements. We believe that the audlt evidence we have obtained is sufficient and approprlate lo provide a basis tor our opinion. Con¢luilon8 rolatlng to golng concern In auditing the financi81 statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the flnancial Slalemenls Is appropriate. Based on the work we have performed. we have not idenlrfied any material uncertainties relating lo evenls or conditions that, individually or collectivély. may cast slgnificanl doubl on the North Wall Trust's abillty lo conllnue as a going concern for a perlod of at least 12 months from when the financlal stslemenls arè aulhorisod for issue. Our resF)onsibililies and the responslbililie5 of the Iruslees with respect to going ¢oncern are described in the relevant sections of this report. Oth•r Inforrnation The other information comprises the information included In the annual report, including the trustees, report, olh8r than the financial slalements and our auditor's report Ihereon. The Iruslees are responsible for the other information ¢onlainod wllhin the annual report. Our opinion on the financlal statements does not cover the other information and, except lo the exlent otherwise explicltly 51aled In our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is malerlally inconsislenl with the financial slalements or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misststements. we are required to determine whether this gives rise to a material mi5slalemenl in the financlal statements themselves. If, based on the work we have performed, we con¢lude that there is a materfal misstalemenl of this other information. we are required lo report that faGt. Vve have nothing to report in this regard.
THE NORTH WALL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NORTH WALL TRUST FOR THE YEAR ENDED 31 AUGUST 2022 Opinions on other matters prescribed by the Companio3 Act 2006 In our opinion. based on the work undertak8n in the course of the audit.. •lhe information given in the Irusleeg. report, whlch include$ the dir8Glors' report and the strategic report prepared for the purposes of company law. for the financial year for which the financial slalemenls are prepared is Gonsislenl with the financial statements., and the dSreclors' report and the strategic report included wlthin the trustees, report hav& been prepared in accordance with applicable legal requirernenls. MattoTS on whlch we ar• requlr•d to report by •xceptlon In the Ilght of the knowledge and understanding of the company and its environment obtained In the course of the audit, we have not identified malerlal rrilsslalemenls in the stra18glc report included wlhln the trustees, report. We have nolhlng lo raport in respecl of the following fflatter8 In relation to which the Companies Act 2006 requlre us lo report lo you if, in our opinion-. •adequale and proper accounting r8cords have not been kept, or returns adequate for our audit have not been recelved from branches not visited by us. or .the financlal slalements are not in agreement with the accounting records and returns,. or ertain disclosures of trustees, r8muneratlon specif18d by law are not made., or e have not received all the Informallon and explanations we require for our audlt Rospon8lbllltl•8 of tru3t••• As explained more fully in the Irvslees. fesponsibililies slalemenl sel out on pages 5-6 the trustees (who 8re also the directors of the Gharilable company for the purposes of company lawl afe responsible for the preparallon of the financial slalemenls and for being satisfied that Ihey give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material mis51alemenl, whether due lo fraud or error. In preparing the finand81 slalemenls, the Iruslees are responsible for assessing the company's ability lo continue as a going concern, discloslng, as applicable, rnallors related lo going concern and using the going Concern basis of accounllng unles5 the trustees either intend to liquidate the company or lo cease operations. or have no realistlc alternative but to do so. Auditor's ponSIbIlItIeS for the audlt of the flnanclal •tatom•nts Our objective5 are lo obtaln reasonable assurance about whether the financial statements as a whol8 arè free from material misstatement, whether due to fraud or error, and lo issue an auditor's report thal includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delect a material mlsslalement when it exist5. Misslalements can arise from fraud or error and are consldered material rf, iTrdivldually rfi In the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financlal slatem8nls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misslalemenls in respect of irregularities, Including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud Is d8tai18d below.. Our approach to idenllfying and assessing the risks of material misslalement In respect of Irregularities, includlng fraud and nonffjompliance with laws and regulations, was as follows..
THE NORTH WALL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NORTH WALL TRUST FOR THE YEAR ENDED 31 AUGUST 2022 the engagement partner ensured that the engagement team collecllvely had the appropriate competence, capablli1165 and skills to identify or recognise non-compliance with applicable laws and regulations.. we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience,- we focused on $pecrfic laws and regulallons which we considered may have a dlrect material effect on the financial slalemenls or the operations of the company. we assessed the extent of compliance wllh the laws and regulations idanlrfied above through maklng enquiries of management and Inspecllng legal correspondence where appluble- and idenllfied laws and regulations were communicated within the audit team regulady and the team remained alert to Instances of non-compliance throughout the audit, We assessed the susceptibility of the company's financial statements to material misslal6menl, including obtainlng an underslandlng of how fraud might OCCUT, by.. making 6nquirles of management a$ lo where they considered there was suscaplibllity to fraud, their knowledge of actual, 5u$pecled and alleged fraud., con81dering the Internal ¢onlrols in place lo millgate risk$ of fraud and non-compliance wllh laws and regulations,. and To addr88s the risk of fraud through management blas and overrSde of controls, we.. performed analytical procedures to identify any unusual or unexp8cl8d relatlon5hips,' tested joumal entrie$ lo identify unusual transactlons,. assessed whether judgements and assumpllons made in delermlning the accountlng estimates were indicative of potential bias,. and Investigated the rallonale behind signlficant or unusual transactions. In response lo the rlsk of irregularlties and non-compliance with laws and regulations, we daslgned procedures which included, bul were not limited lo.. agreeing financial 51alemenl dis¢losure3 to underfying supporting documentation., reading the minutes of meeting5 of those charged wlth governance; enquiring of managemenl as to actual and potential liligalion and clalms., reviewing relevanl correspondence. There are inherent limi181ions in our audit procedures described above. The more removed Ihat laws and regulations are from financial Iransaclions. the less likely il is Ihal we would become aware of non- compliance. Auditing $18ndards also limit the audit procedures Tequired lo idenlfy non-compliance whh laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence, rf any. Material misstalemenls that arise due lo fraud Can be harder to dete¢t than those that arlse from error a5 they may involve deliberate conalMent or collusion. A further description of our responsibilities Is availabl8 on the Flnancial Reporting Council's website at.. www.lrc org.uklaudilorsresponsibililie5. This description form5 part of our auditor's report.
THE NORTH WALL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NORTH WALL TRUST FOR THE YEAR ENDED 31 AUGUST 2022 Us8 of our roport This report is made solely lo the charitable company's members, as a body, in a¢¢ordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required lo slate lo them in an auditor's report and for no other PUTpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report. or for the opinions we have formed. Colin Mllls (Sénlor Slatulory Audilorl For and on behalf of Crltchleys Audit LLP {Slatulory Audltor) 23-38 Hylhe Brldge Slreal Oxford OX12EP Dale: 3 March 2023 io
THE NORTH WALL TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 AUGUST 2022 restatad Total Funds 2021 (13 month$l Not•s Unrostrlcted Restrirted Funds Funds Total Funds 2022 Incom•: Donations Income from charitable aclivllies 337.043 130282 337,043 330,434 46 Total Incom• 467 7 000 ILL25 Expondltur• Expenditure on charllable activltles 453,741 45,974 499.715 431.235 Totsl oxpendltur• 453 741 45 Nel Incomellexpendllur81 74 Nel movement In fund8 13.584 {38,974) {25.3901 (54,2901 R•con¢lllatlon of fund•: Total funds brought forward 77 12 Total funda caffled fOard The notes on pages 13 to 17 form part of the finan¢lal ststements.
THE NORTH WALL TRUST BALANCE SHEET AS AT 31 AUGUST 2022 Noto 2022 2021 Curront assets Debtors Cash al bank and in hand 5,957 58.367 34 Total current assets 98.347 92,463 Credhors falllng due wlthin one year Not a88ols Represented by Unr8slricled income funds Restricted income funds 35,758 79 22,174 770 10 Totsl funds The North Wall Tru¥t15 registered wllh company number 07951538. The Directors acknowledge their responsibilities for complying with the requlrements of the Companlos Act 2008 wlth respect lo accijunllng recoTd5 and the preparatSon of accounts. The note3 On pages 1310 17 form part of these flnanclal statements. Th88e financlal statements were approved and authorised for18sue by the Trustees and slgned on Ihelr behatl by-. nflel fustee Date.. 30 January 2023 12
THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng poliGles The principal accounllng policles 8dopled. judgement5 and key sources of eslimallon uncertainty In the preparation of the financial statements are as follows= {a) Basls of pr¢paratlon The accwnts of the public benefit entity have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Pracllce {"SORP IFRS102}°l and Financial Reporting Standard 102. The accounts are drawn up on the hislgrical cost basis of accounting, as modrfied by the revaluation of investments. Having reviewed the funding facllities avallable to the Trust and the Trust's future expected cash flows, the Trustees have a reasonable expectation that the Trust has adequate resources lo continue ils activities for the foreseeable future. A¢cordingly, the Trustees conllnue to adopt the going concern basis in preparing the financial $lalements as outlined in the Slalemenl of Accounting and Reporting Respon8lbillties on page 7. Ib) Accountlng Reforenca Dato In 2021 the Company Changed ils accounllng reference ijale to 31 Augu51 and prepared financial statements for the 13 months lo 31 August 2021. The Company's parent, Sl Edward's School, had changed its accounting reference date In order lo bring ils financial year In line with the academic year, and so the Company changed 11$ own accounilng ference dale in order lo slay in Ilne with its parent, The comparallve amounts for the 13 months lo 31 July 2021 presented in these financial statements a therefore nol entirely comparable wllh those for the year lo 31 August 2022. 1¢) Incom• Income is recognised when.. the Company has entillemenl lo the funds.. any porfomiance conditions allached lo income have been mel.. there 15 certainly of receipt,. and the amount can be measured wlh sufficient reliability. Income is deferred when performance fees, Ike1 sales or grant$ are received in advance of the perfomiance or event lo which they relate. Grants received for Specif purpose8 are treated as ffj$lricled funds. From the 19120 financial year, in accordance with an agreement between 11$ parent, St Edward'5 School, and the Company, the annual grant awarded by St Edward's Sch¢xJI to the Company is Irrevocable and, as such, the Company has no obligation lo retum an portion thereof. Idl Expandltur• and IrreGovornblo VAT Expendllure Is re¢ogni8ed as soon as a liability 1$ considered probable and the amount can be measured with sufficient reliabillly. All resources expended are Inclusive of any irrecoverable VAT. Expendllure is classtFied undef the following aclivrty headings.. Costs of raising funds. Expenditure on charitable activities.. and Governance costs
THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 lel Croditors Basic financial liabilities, including ¢redrtors are initlally recognised at transaction price. Trade creditors are obligations lo pay for goods or Services that have been acquired in the ordinary Course of operations from suppliers. Amounts payable are Glassified as ¢urrenl liabilities rf payment is due within one year or less. If not, they are presented as non-current liabililEs. Creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. If) Funds accountlng Restricted funds- Ihase are fund$ that can only be US for specrflc restricted purpose$ withln the objects of the Company. Reslri¢lions arise when speorfied by the don or when funds are ralsed for particular reslricled purposes. Unreslricled general funds- these are funds which can be used in accordance with the charitable objects al the discretion of the Trustees. Designated funds are funds Set aside by th8 Trustees out of unles1rted general fund8 for speciflc future purposes or proh8cIs. Income from donatlon8 restatad 2021 2022 Grant from Sl Edward'5 School Other 8pon$orshlp and grant income 285,000 308.750 Incomo from ¢harltablè actSvStl•• restated 2021 2022 Tl¢kel sales Other Income 108,977 305 36,228 In the 2021 figures £20,433 of sponsorshlp and grant income has now been recla581Fied wlhin income from dollallons lo better present this class of Income. There is no change in total income. Exp•ndlture on charltabl• actlvltlo5 Dlrgct Support Cost8 Cost• Total 2022 Total 2021 Co818 Programme costs Bar and other costs Runnlng costs Project costs Govemanc 258.203 109.679 8,154 35,752 85,527 367,882 8,154 35,752 85.527 2,400 499.715 330.282 15.744 64,025 31,940 1,000 431235 2.400 2,400 258 203 239,112 14
THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 4.1 Expondlture on charitable actlvltles Includes 2022 2021 Audlt F8es12021'. Independent examlner's fee9} Reimbursement of travel and subsistence lo Trustees 4.2 Staff costs No staff have been directly employed by the Trust as slafflng 15 provided by Sl Edward's School. The cost of staffing is reimbursed by the Trust to Sl Edward's School. 2022 2021 The aggregate gross cost of staff for the period were as follows.. Wages and salarles Social secunty costs Other pension costs 221,443 19,782 227,523 19.995 258,203 260,672 2022 2021 Average monthly number ol employees durlng the perlod was.. None of the Trustees recelved any remuneratlon or other b8nefils from the School or from any connected body. None of the employees earned more than £80.000 (excluding employer's Nallonal Insurance and employer pension costs bul Includlng any other benefit51. Corporation laxlon The Company is exempt from tsx on Income and gains falllng within secllon 505 of the Taxes Act 1988 to the exlenl that these are applled lo 115 charitable objeclives. Dobtorn 2022 2021 Prepayments Other debtors Amounts owing by pant company 1,333 332 70 5,957 Creditors falllng due wlth5n ono y•ar 2022 2021 Other creditors and accruals Deferred Income (see Note 81 Amounts owing to parent compony 4,923 18,609 740 23.779
THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Deferro(I Incorne Deferred income comprises box office income for events in the next financial year and long term grants received. 2022 2021 Balance al 1 Sep18mberl 1 Augusl Amount released lo income from charSlable actlvitles Deferred Box Office income due within one year Balance at 31 August 23,779 123,779) 18609 15,684 115.6841 Unrostrlcted funds 2022 2021 As al 1 Augu51 Income Expenditure Transfers to Reslrlcted fund5 As al 31 August 22,174 467,325 1453,7411 44.734 376,945 {399,505} 35,758 22,174 10. Ro•trlctod fund• R8$lricled funds represent grants recelved from the Garfield Weston Foundation, The Nallonal Theatre and Oxford County Coun¢ll. 2022 2021 As al 1 August Income Expenditure Transfers from Unrestrlcled funds 45,770 7,000 145,9741 77,500 {31.730) As at 31 August 6,796 11 Pargnt company The Company is controlled by Sl Eard'S School, since St Edward'g School 1$ Ihe sole member of the Company. St Edward's School 1$ a charity registered with the Charlly commission under charity number 309681. St Edward's Sch¢7 Is also a company limited by guarantee registered in England and Waes wrth the company number 00116784. The main activity of Sl Edward's Schoo1 is opEraling as a co-etlucational boarding and day school f(x pupils aged 13 10 18. Conlrol can be exercised over the Trust by Sl Edward's School through being soldy responsible for the appointment and removal of Trustees and also through the level of finan¢i31 subsidy thal11 provides. The consolidated st8lulory accounts of St Edward's School can be obtalned either through Companies House or from The Company Swetary. Sl Edward's School. Woodstock Road. Oxford, OX2 7NN. 16
THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 12. Related party tran8aGtions There were no related party transactions during the period other than with St Edward's School. 13. Statement of Flnancial Actlviilas fof th• 13 months andod 31 August 2021 (comparat5ves) Note8 Ufirostrlctod R68trlct Fund8 Funds Total Funds 2021 Totsl Fund$ 2020 (Yoarl Income: Donations Income from ¢haritable activ185 310,001 310.001 944 362.434 Total Incorno 37 Expendltur• Cost of raising funds Expenditure on charitable activilles 399,505 31,730 431.235 442,991 Total •xpondbtur• 50 Net Incomellexpendllurel 29 74 Nel movement in funds 122,5801 131,7301 (54,2901 74,901 R•conclllatlon of fund•'. Total fund5 brought forward Total funds ¢arrl•d forward 174