Company Number: 07951538 Registered in England Charity Number: 1146851 THE NORTH WALL TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 THE NORTH WALL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS: Trustees. Officers and Advisers Trustees. Report Independent Auditor'8 Report to the Trustees Statement of Financial Activities Balance Sheet 10 Statement of cash flows 11 Notes to the Flnancial Statements 12 THE NORTH WALL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 TRUSTEES AND DIRECTORS The Trustees of the Trust are the Directors of the Company and have all served in office throughout the period except where indicated. The Trustees are: Mike Stanfield Nicholas Connaughton Georgina Dennis Louise Fawcett-Posada George Howe (Fenton) Kenneth MacRilchie Emeline Winston Company Secretary Edward Hayter The Artistic Director is Ria Parry PRINCIPAL ADDRESS Woodstock Road, Oxford, OX2 7NN Website address.. https:Ilww.thenorthwall.com ADVISERS Bankers Barclays Bank plc PO Box 858 11 West Way Oxford OX2 OXP Independent Auditors Crowe U.K. LLP R+ Building 2 Blagrave Street Reading RG1 1AZ THE NORTH WALL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present, for the year ended 31 August 2024, the Annual Report under the Charities Act 2022, incorporating the Directors, and Strategic Reports under the Companies Act 2006, together with the audited financial statements of The North Wall Trust and independent auditor's reports. STRUCTURE The North Wall Trust (the "Trust. or the "Company.) was incorporated on 15 February 2012 (Company Number 07951538) and registered with the Charity Commission on 11 April 2012 (Charity Number 1146851). The Trust is a company limited by guarantee and a wholly owned subsidiary of St Edward's School. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Documents The Trust is governed by its Memorandum and Articles of Association. The Trustees, the Officers and the address of the Trust are given on page 1. Recruitment and Trainlng New Trustees are inducted into the workings of the Trust by the Governors, the officers of St Edward's School and the Artistic Directors. Remuneratlon The Trust consider the only key management personnel to be the Trustees who receive no remuneration. Structure The activities of the Trust are undertaken by the staff of the North Wall Arts Centre (°The North Wall"), who are employed by St Edward's School. The Trustees meet on a regular basis to review the activities of the Trust. OBJECTS. AIMS AND ACTIVITIES Objects The Objects of the Trust are to advance the education of the public, in particular children and young people, in the performing, theatre and visual arts, including educational courses and the production of artistic works. Aims The mission of the Trust is to create, promote and perpetuate the performing and visual arts and to provide opportunities for everyone, but particularly young people, to experience and to make art of the highest quality. The Trust exists to break down barriers to participation in the arts, uniting talented young artists with innovative professional artists to create bold new work through integrated residential projects, productions and educational activity. Achlevements The Trust achieved its core projects for 2023124, including the delivery of its flagship ArtsLab Easter Residential programme, 8 7-week national tour of North Wall production Brown Boys Swim by Karim Khan, and a tour of North Wall production Rosie and Hugh's Great Big Adventure by Oxford composer Nick Cope, and writer Victoria Saxton. The Participation programme continues to successfully provide high-quality creative experiences for local young people and their families. with the National Theatre Connections Partner Festival taking place in Spring 2024, celebrating the talents of local youth theatre and school groups,. workshops and courses throughout the year,. and the continuation of The North THE NORTH WALL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTS, AIMS AND ACTIVITIES (continued) Wall's youth groups such a5 the Young Carer's Theatre Club. The ArtsLab Summer Residential programme supported the development of new ple￿S of work by Creative Associates Goya Theatre, Tom Brennan and the Wardrobe Ensemble. Relationship between the North Wall and St Edward's School The North Wall is a building owned by and on the site of St Edward's School. It is the main base for all Trust activities including stsff and resources (for example technical, marketing and box office). For 2023124 St Edward's School provided the residential facilities for all ArtsLab residential projects free of charge,. it is the immersive nature of the projects which provides a unique vocational training for emerging young artists. The Trust has accessed these facilities with no dlrect cosl implications and therefore all Trust income can go directly to support the cost of projects. Fundraislng performance North Wall had no fundraising activitie5 requiring disclosure under S162A of the Charities Act 2011.ln terms of unrestricted income, funds were given to the Trust by St Edward's School to support its core running in relation to staff costs and infrastructure. Additional grants were received from organisalions including Blake Morgan, Arts Council England, Theatre Works. Helen Rolls, Oxford City Council and PYE Charitable Trust. Publlc Beneflt The Trust operates in line wlth the Public Benefit definitlon, under Section 17{5) of the Charities Act, as provided by Ihe Charities Commission. The core purpose of the Trust's activities is educational, in particular it has a focus on the training of young artists, with the aim of producing future generations who are not only highly skilled, but also have the desire to create art responsibly and a passion to communicate forward-thinking ideas in new ways. The Trust provides an environment within which new art works can be developed to production standard. and this in turn has the much wider impact of bringing the debate and the aeslhetic to public audiences of all ages. In addition to vocational, career- enhancing opportunities for young artists, the Trust offers opportunities for young people to experience and learn through participation in high quality arts activity. STRATEGIC REPORT Young Paople and Families Activities included workshops in devising, illustration, ceramics. dance and clowning., outdoor shows for the local community and local schools,. a youth technical theatre programme., an intergenerational Snapshots prcgramme,. a Creative Makers programmes for home-educated young people,. a family dance project. hosting theatre company Frozen Light to facilitale performances for audiences with PMLD., a theatre club for young carers. a Christmas Light Festival,. participation in the NT Connections Feslival as a continuing host venue for 2024. and Ihe formation of The North Wall's first Youth Board. ArtsLab Residentials During the Easter holidays, young writers and directors took part in Catalyst, a flagship ArtsLab project that allows young writers 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 supported Crealive Associates Goya Theatre, Tom Brennan and the Wardrobe Ensemble to develop new pieces of work. North Wall Productions and development support for emerging artists With the aim of further supporting the work of artists that emerge from the ArtsLab and Creative Associate progrdmme, the Trust supported the development of new work by artists including Goya Theatre, Tom Brennan and Roann Hassani Mccloskey. The North Wall produced a 7-week national tour of its production of Brown Boys Swim by Oxford writer and ArtsLab alumnus Karim Khan, accompanied by wrap-around workshops and activities for young people local to each venue. The North THE NORTH WALL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT (continued) Wall produced its first family production for 3-8 year olds, Rosie and Hugh's Great Big Adventure with music by Nick Cope and book by Victoria Saxlon. The show was developed in consultation with local Oxfordshire families, performing at The North Wall for our local community, before touring to Edinburgh and London. FINANCIAL REVIEW The statement of financial activities shows a loss on unrestricted activities of £34,605 and a loss of £25.867 on restricted funds. The total net expenditure was £60,472 (2023". net income of £50,059). This movement relates to the timing of grants received in 2023 with expenditure in 2024. The Company Is financlally dependent on the support of St Edward's School. The Trust is also funded by a combination of grants, donations, sponsorship and sales generated income. Considering recent measures taken by the Labour Government, St Edward's School and the North Wall Trustees are currently dlscussing the feasibility of future funding models of the Company. RESERVES POLICY AND RESERVES LEVEL The Trustees review the Trust's reserves policy on an annual basis. The Trust manages Its funds and the grants and donations it receives so thal, at any time. sufficient resources are available to ensure that key projects are completed and essential costs are covered. The Trust is fortunate in that belng part of the St Edward's School infrastructure, it can expend almost all resources on its projects, so long as the financial resources are avallable and confirmed. For these reasons, the Trustees are not currently looking to build up a svJnifunt free reseNe. Any unrestricted income generated is used io further the Trust's objectives. As at 31 Augu5l 2024, the Trust had total reserves of £32,141 (2023.. £92,613) of which £1.000 (2023.. £26,867) were restricted reserves. Unrestricted reserves were £31,141 (2023: £65,746). GOING CONCERN On the basis that St Edwar¢J's School has confirmed its continued support for the Trust, the Trustees are of the view that the Trusl is a going concern. RISK MANAGEMENT The Trustees are responsible for the rnanagement of the risks faced by the Trust. Detailed considerations of risk are delegated to the Company's management and is a continuous process. The Trustees hold a formal review of risk management processes annually. The key controls used include: formal agenda papers and minutes for all Committee and Board activity; comprehensive strategic planning. budgeting and management accounting. established organisational structure and clearly recognised lines of reporting. formal written policies., dear authorisation and approval levels: and vetting procedures as required by law for the protection of the vulnerable. Through the risk estsblished management processes, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary, so far as possible. They recognise that system can only provide reasonable rather than absolute assurance that major risks have been adequately managed and the measures they have taken are therefore kept under constant review. **THE NORTH WALL TRUST** **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024** ## **Future Plans** The Trust will continue to advance the education of the public in the performing, theatre and visual arts, including educational courses and the production of artistic works, supported by St. Edward's School. The Trust will continue to create, promote and perpetuate the performing and visual arts and to provide opportunities for everyone, but particularly young people, to experience and to make art of the highest quality. ## **STATEMENT OF TRUSTEES RESPONSIBILITIES** The Trustees (who are also directors of the Trust for the purposes of company law) are responsible for preparing the Annual Report and the financial statements with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Trustees to prepare financial statements for each financial period. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Company law requires the Trustees to prepare financial statements for each financial period. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to: - select the most suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate records that are sufficient to 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 to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. 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. Insofar as each of the Trustees, who are also Directors of the Company, is aware at the time of approving the Annual Report of the Governors: - there is no relevant audit information, being information needed by the auditor in connection with preparing 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 make himself or herself aware of the relevant audit information and to establish that the Company's auditor is aware of that information. Approved by the Trustees on 30 January 2025, including, in their capacity as company directors, approving the Directors' and Strategic Reports contained therein, and signed on its behalf by: 5 A Crowe THE NORTH WALL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NORTH WALL TRUST FOR THE YEAR ENDED 31 AUGUST 2024 Oplnlon We have audited the financial slalements of The North Wall Trust for the year ended 31 August 2024 which comprise the Statement of Financial Activities, 8alance Sheet. Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporling framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended.. have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requlrements of the Companies Act 2006. 8a818 for oplnlon We Conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further descrlbed In the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we hav8 fulfilled our other ethical responsibilities In accordance with these requirements. We belleve that the audit evidence we have obtalned Is sufficlent and appropriate to provide a basls for our opinion. Con¢luslons r•lating to going con¢•rn In auditing the financlal statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparalion of the financial statements is appropriale. Based on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that, Individually or collectiiiely, may cast significant doubl on the charilable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responslbilities of the trustees with respect to going concern are described In the relevant sections of this report. Other informatlon The trustees are responsible for the other information contained wlthin the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial ststements does not cover the other information and, excepl to the extent otherwise explicitly stated in our report, we do not express any form of assuran￿ conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. •¥ Crowe THE NORTH WALL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NORTH WALL TRUST FOR THE YEAR ENDED 31 AUGUST 2024 Opinlons on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees, report, which includes the directors, report prepare(I for the purposes of company law, for the financial year for which the financial statements a prepared Is consistent with the financial statements,. and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by •xc6Ption In light of the knowledge and understanding of the charitable company and its environmenl obtained in the course of the audit, we have not identified material misstatements in the directors, report included withln the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate and proper accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneratlon specified by law are not made- or we have not received all the information and explanations we require for our audit Re8ponsiblllt108 of trustees As explained more fully in the trustees, responsibilities statement on page 5 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for belng satisfied that they glve a true and fair view, and for such internal control as ihe trustees determine Is necessary to enable the preparallon of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitsble company's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor'8 responsiblllties for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatement, whether due to fraud or error, and to issue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered materlal rf, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. A further description of our responsiblllties for the audit of the financial statements is localed on the Financial Reporting Council's website at.. V•WW.frc.org.uklauditorsresponsibllities. This description forms part of our auditor's report. Extent to which the audlt was consldered capable of delectlng Irregularitles, Including fraud Irregularities. including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed Ihese between our audit team members. We then designed and performed audit procedures responsive to those risks, including obiaining audil evidence sufficient and appropriate to provide a basis for our opinion. **A \ Crowe** **THE NORTH WALL TRUST** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NORTH WALL TRUST FOR THE YEAR ENDED 31 AUGUST 2024** We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were General Data Protecting Regulations and Health and Safety regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of certain income streams and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Trustee Board about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and certain income streams, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted 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. Janette Joyce Senior Statutory Auditor For and on behalf of Crowe U. K. LLP Statutory Auditor Reading Dated: 31 January 2025 8 THE NORTH WALL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Notes Unrestricted Restricted Funds Funds Total Funds 2024 Total Funds 2023 Income: Donations Income from charitable activities 356,449 3,000 359,449 260 726 356,459 253 340 Total income 620 175 Expenditure Expenditure on charltable actlvities 651,780 28,867 680,647 559,740 Total expendRur• 680 74 Net {expenditureyincome 867 Net movement in funds 472 R•conclllatlon of funds: Total funds brought forward 867 Total funds carrlod fO￿ard The notes on pages 12 to 15 form part of the flnancial statements. **THE NORTH WALL TRUST** **BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024** ||**Note**|**2024**|**2023**| |---|---|---|---| |||£|£| |**Current assets**|||| |Debtors|6|22,324|16,094| |Cash at bank and in hand||248,153|131,601| |Total current assets||270,477|147,695| |Creditors falling due within one year|7|(238,336)|(55,082)| |**Net assets**||32,141|92~~,61~~3| |Represented by|||| |Unrestricted income funds|9|31,141|65,746| |Restricted income funds|10|1,000|26,867| |**Total funds**|12|_J2.J.A1_|92~~,61~~3| The North Wall Trust is registered with company number 07951538. The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Date: 30 January 2025 The notes on pages 12 to 17 form part of the financial statements 10 THE NORTH WALL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Net Cash flow from operating activities 116.552 39,211 Net cash provided by l (used in) investing activities Cash flows from financing activltles Incraas• l (dacrease) In cash and ca8h •qulvalents In the porlod 116.552 39.211 Cash and cash equivalents at beglnning of period 131,601 92,390 Cash and cash equivalents at end of period 248,153 131,601 The notes on pages 12 to 17 form part of the financlal statements THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: (a) Basis of preparation The North Wall Trust meets the definltion of a public benefit entity under Financial Reporting Standard 102. The accounts of the public benefit entity have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice ("SORP {FRS102)°) and FRS102. The accounts are drawn up on the historical cost basis of accounting. as modified by the revaluation of investments. The North Wall Trust meets the definition of a public benefit under FRS102. Golng Concem Having reviewed the funding facilities available to the Trust and the Tnjst's future expecled cash flows, the Trustees have a reasonable expectation that the Trust has adequate resources to contlnue its activities for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 5. (b) Income Income is recognised when.. the Company has entitlement to the funds. any performance conditions attached to income have been met,. there is certainty of receipt,. and the amount can be measured with sufficient reliability. Income is deferred when performance fees, ticket sales or grants are received in advance of the performance or event to which they relate. Grants received for specific purposes are treated as restricted funds. From the 19120 financial year, in accordance with an agreement between its parent, St Edward's School, and the Company, the annual grant awarded by St Edward's School to the Company is irrevocable and, as such, the Company has no obligalion to return any portion thereof. (c) Expendlture and irrecoverable VAT Expenditure is recognised as sc)on as a liability is considered probable and the amount can be measured with sufficient reliability. All resources expended are inclusive of any irrecoverable VAT. Expenditure is classified under the following activity headings- Costs of raising funds-, Expenditure on charitable activities., and Governance costs (d) Creditors Basic financial liabilities. including creditors are initially recogni5ed at transaction price. Trade creditors are obligation5 to pay for goods or ServI￿S that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If nol, they are presented as non-current liabilities. Creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 12 THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (e) Funds accounting Restricted funds are funds that can only be used for specific restricted purposes within the objects of Ihe Company. Reslrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Unrestricted general funds- these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees. Designated funds are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects. (n Judgements In accounting pollcies and key sources of estimation and uncertainty Preparation of the financial statements require management to make judgments and estimates. The Directors consider Ihat ther8 are no material judgments and estimates. Income from donation8 2024 2023 Contribution from parent company Other Sponsorship and grant income 313.000 310,000 46 459 Incom• from charltablo actlvltles 2024 2023 Ticket sales Other income 147,712 113014 136,051 117289 Expendlture on charitable activlties Staff Costs Direct Support Costs Costs Total 2024 Total 2023 Programme costs Bar and other costs Running costs Project cost5 Governance 310,927 136,182 25.015 31,186 173.837 447,109 25,015 31,186 173,837 3,500 680,647 403,019 15,639 40,079 97,504 3,499 559,740 3,500 3,500 310,927 366,220 13 THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 4.1 Expènditure on charitable activities Includes 2024 2023 Audit Fees Reimbursement of travel and subsistence to Trustees 4.2 Staff costs No staff have been directly employed by the Trust as staffing is provided by St Edward's School. The cost of staffing is ￿1MbUrSed by the Trust to St Edward's School. 2024 2023 The aggregate gross cost of staff for the period were as follows: Wages and salaries Social security costs Other pension costs Agency Staff cost 265,670 23,780 20,201 1.276 229,365 20,260 19,667 4,654 310.927 273,946 2024 2023 Average monthly number of employees during the period was: 12 None of the Trustees received any remuneration or other benefits from the School or from any connected body. None of the employees earned more than £60.000 (excluding employer's National Insurance and employer pension costs but including any other benefits). Key management personnel are deemed to be the Trustees. The lotal remuneration is.. £nil. Corporatlon taxatlon The Company is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 to the extent Ihat these are applied lo its charitable objectives. Debtors 2024 2023 Prepayments Other debtors Accrued Income 4,595 1,582 410 9,805 14 THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Credltors falling due withln one year 2024 2023 Other creditors and accruals Deferred income (see Note 8) Amounts owing to parent company 16,632 15.409 206 295 238 336 9.992 17.403 Deferred income Deferred income comprises box office income for events in the next financial year. 2024 2023 Balance at 1 August Amount released to income from charitable activities Deferred Box Office income due within one year Balance at 31 August 17,403 (17,403) 18,609 (18,609) Unrestricted funds 2024 2023 As at 1 August Income Expenditure Transfers to Restricted funds As at 31 August 65,746 617,175 (651,780) 35,758 584,799 (554,811) 31,141 65,746 10. Restricted funds Restricted funds represent grants received from PYE Charitable Trust and Doris Field. 2024 2023 As at 1 August Income Expenditure Transfers from Unrestricted funds As at 31 August 26.867 3.000 (28,867) 6,796 25,000 (4,929) 1,000 26,867 15 THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. R•conciliatlon of net Incoma to net cashflow from operatlng activities 2024 2024 2023 2023 Net (loss)lincom• for the Year Elimination of non-operating items: (Increase) in debtors Increasel(decrease) in creditors and provisions (60,472) 50.059 (6.230) (10,137) 183,254 (711) 177,024 (10,848) Net cash flow from operating actlvlties 116,5S2 39,211 12. Net a88ets Fixed Assets Net Current Assets 2024 Long temi Liablllties Total 2024 2024 2024 Restricted Funds Unrestricted Funds 1,000 31,141 32,141 1.000 31,141 32,141 Flxed Assets Nat Current Assets 2023 Long term Liabllities 2023 Total 2023 2023 Restricted Funds Unrestricted Funds 26.867 65,746 92,613 26,867 65,746 92,613 13. Parent company The Company is controlled by St Edward's School, since St Edward's School is the sole member of the Company. St Edward's School is a charity registered with the Charity commission under charity number 309681. St Edward's School is also a company limited by guarantee registered in England and Wales with the company number 00116784. The main activity of St Edward's School is operating as a co-educational boarding and day school for pupils aged 13 to 18. Control can be exercised over the Trust by St Edward's School through being solely responsible for the appointment and removal of Trustees and also through the level of financial subsidy that it provides. The consolidated statutory accounts of St Edward's School can be obtained either through Companies House or from The Company Secretary. St Edward's School, Woodstock Road, Oxford, OX2 7NN. 16 THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Related party transactions Related party transactions with St Edward's School included the net grant received of £313k. There were no related party transactions during the period other than with St Edw8rd's School. 15. Statement of Financlal Activitles for the 12 months endéd 31 August 2023 (comparatives) Unrestrlctad Restricted Total Funds Funds Funds 2023 Income: Donations Income from charitable activities 331,459 253 340 25,000 356,459 253 340 Total Income 584 799 609 799 Expondlture Cost of raising funds Expenditure on charitable activlties 554,811 4,929 559,740 Total expenditure Net incomel(expenditure) Net movement in funds 29,988 20,071 50,059 Raconcillation of funds: Total funds brought forward Total funds carrled forward 17