Company Number: 07951538 Rogi$tered In England Charity Number: 1146851 THE NORTH WALL TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025
THE NORTH WALL TRUST TRUSTEE8' REPQRT FOR THE YEAR ENDED 31 AUGUST 2025 CONTENTS., Tru$tee$, Officers and Advisers Trustees, Report Independent Auditor's Report lo the Trustees Statement of Financial Activities Balance Sheet 10 Statement of cash flow8 11 Notes to the Financial Statements 12
THE NORTH WALL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 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 Slanfield {resigned 11 February 20261 Nicholas Connaughlon Georgina Dennis LoLJise Fawcett-posada George Howe (Fenton) Isigned 11 February 20261 Kenneth MacRilchie {resigned 24 February 20251 Emeline Winston Alan Bu¢hanan lappoinled 23 September 20251 Company Secretary Edward Hayter lunlil 31sI August 2025) Katherine Pearce lfrom 1 Jl September 2025} Thè Artistlc Dlreetor Is Ria Parry PRINCIPALADDRESS Woodstock Road, Oxford. OX2 7NN Website address.. https.'IlvM¥.thenothwall.com ADVISERS Bankers Barclays Bank plc PO Box 858 11 West Way Oxford OX2 OXP Independent Auditors Crowe U.K. LLP R+ Btjilding 2 Blagrave Street Reading RG1 1AZ
THE NORTH WALL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees present, lor the year ended 31 August 2025, the Annual Report under the Charities Act 2022, incorporating the Directors, and Strale9ic Reports under the Companies Act 2008, tO9elher with the audited financial statements of The North Wall Trust and independent auditorfs portS. STRUCTURE The North VV811 Tru81 Ithe"Trusl' or the Company") was incorporated on 15 February 2012 {Company Number 079515381 and registered wlh the Charity Commis510n on 11 April 2012 (Charity Number 11468511. The Trust is a company limited by guarantee and a wholly owned subsidiary of St Edward's School. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov&m•ng Documents The Trus115 governed by ils Memorandum and Articles of Association. The Trustees, the Officer5 and the address of the Trust are given on page 1. Racrultmant and Training New Trustees are inducted into the workings of the TTu5t by the Governors, the officers of St Edward's School and the Artistic Director. Remunoration The Trust consider the Trustees the only key management personnel, none of whom receives any remuneration. Structure The activities of the Tw51 aTe undertaken by the staff of the North Wall Arts Centre I'The North Wall'l, who are employed by St Edward's School. The Trustee5 meet on a regular basis to review the activities of the Trust. OBJECTS, AIMS AND ACTIVITIES ObJ•¢ts The Objects of the Trust are lo advance the education of the public, in particular children and young people, in the perfomiing, theatre and visual arts. including educab'onal cours•s and the production of artistic works. Alms The mission of the Trust is lo create, promote and perpetuatè the performing and visual arts and to provide opporlunilies for everyone, but particularly young people, to experience and lo make art of the highest quality. The Trust exists lo 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. Achi8vemgTrts The Trust achieved its core Participation projects foT 2024.2025. Th• Participation prDgr8mme continues 10 5ucce5sfully provide high-quality ¢realive experièrces for local young people and thèir families. with the National Theslre Connections Partner Festival taking place in Spring 2025. celebrating the talent5 of local youth theatre and school groups". the Culleslowe Light Trail taking place in Autumn 2025 association with Cutteslowe Community Centre and Cutteslowe Primary School,. workshops and courses throughout the year,. and the conlinLJalion of The North W811's youth group5 such as the Young Carer's Theatre Club. Anticipating the reduction in its funding explained in part below, the Trust decided not to continue with ils Lbsual Easter and Summer programmes for early-¢are$r arb'sts. Art5Lab
THE NORTH WALL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 activity for 2024-2025 included a mentorship programme for Oxford student company Wrileoff Pioductions. Relationship batwagn the North Wall and St Edward's School The North Wall is a building owned by and on the sile of Sl Edward's School. It is the main base for all Trust activities including staff and physical resources such as performance and gallery spaces, technical equipment and box office. For 2024-2025 due lo external financial pre5sure5 St EdwaTd'5 School was unable to continue lo provide the residential facilities for ArtsLab residential projects free of charge. The Trust had previously a¢¢essed these facilities with no direct cost implications, with all relevant Trust income directly supporting the delivery cost of these projects. The School has Indated that this in-kind residential 5UPPOrt may no longer be available and so the Trust will be seeking an allemalive local projèct partner to support this element of ils work. Fundralslng pgrformancg North Wall had no fundraising activities requiring disclosure under S162A of the Charitie5 Act 2011.ln terms of unrestricted income, funds were given lo the Trust by Sl Edward's School lo support ils core running in relation to staff costs and infrastructure. Additional grants and sponsorship were received from or9anisations includin9 Oxford City Council, KJ Smith, Bruce Wake Charitable Trust. Thomas Dawson and the PYE Charitable Trust. Public Bonolit The Trust operates in line with the Public Benefi't definition, under Se¢titsn 17151 of the Chariti&$ ACL as provided by the Charitie$ 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 lo create art responsibly and a passion lo communicate forward-thinking ideas in new ways. The Trust provides an environment within which new art works can be developed Its producli<)n standard, arbd this In tLJm has the much wider impact of bringing the debate and the aeslhelic lo public audiences ol all ages. In addition to vocalion81. career- enhancing opportunities for young artists, the Trust offers opportunities for young people lo experience and learn through participation in high quality arts activity. STRA TEGIC REPORT Young Peopl• and Families Activ.eS included creative workshops throughout the year (weekly and holiday),. a youth technical theatre programme,. an intergeneralional Snapshots programme,. a family dAnce project,. hosting theatre company Frozen Light to facilrtate performances for audiences wlh PMLD., a theatre club for young carers,. a Christmas Light Festival., participation in the NT CDnnections Fe8tival as a contilluing host venue for 2025,. and a Culminating visit lo the Edinburgh Festival for The North Wall's first Youth Board cohort. ArtsLab programme for early-carger artlsts For2024-2025 due to external financial pressures St Edward's School wa5 unable lo provide residential facilities for the ArtsLab easter and summer residential projects. Due lo the timeline relating to the additional necessary fundraising, the Trust was unable lo deliver its Easter and Summer programmes lor early-career artists. The Trust will be seeking an altemalive local project partner to support this element of ils work for 2025-2026. with tho ambits'on ol reviving the Catalyst residency for early-career writers and directors in Easter 2026. FINANCIAL REVIEW The statement of financial activities shows an income on unrestricted acb'vits'es of £10,377 and an income of £15.475 on reslricled fvnds. The total nel income was £25,852 12024". net expenditure of £60,472)
THE NORTH WALL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Company is financially dependent on the support of St Edward's School. The Trust is also funded by a combination of gr8nts, donations. sponsorship and sales generated income. As a consequènce of recent measures taken by the government, St Edward's School and the North Wall Trustee5 are currently discussing the feasibilty 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 donatr'ons il receives so Ihal, al any lime, sufficient resources are available lo ensure that key projects are Completed and essential costs are covered. The Tru51 is fortunate in that being part r)1 the St Edward's School infrastructure, rt can expend almost all resources on SIS prolects, so long as the financial resources are available and confirmed. For these reasons, the Trustees are not currently looking to build up a significant free reserve. Any unrestricted income generated 1$ used to further the Trust's objective5. As al 31 August 2025, the Trust had total reserves of £57,99312024.' £32,141} of which £16,47512024.' £1,000) wère restricted reserves. Unrestricted reserves werè £41.51812024.' £31.1411. GOING CONCERN On the basis that St E(knard's School has confirmed its continued support for the Trust, the Tru8lee8 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. Oetsiled considerations of risk are delegated lo Ihe Comp8ny's managèment and is a continuous proce55. The Trustees hold a formal review of risk managernent processes annually. The key controls used include.. formal agenda papers and minutes for all Commlttee and Board aclivily. comprehenswe strategic planning, budgeting and management accounting,. eslabllshed organlsalional $trudur8 and clearly recognised lines of reporting., fomial written poli¢ies', ¢l¥ar aulhorisalion and approval levels., and vetting procedures as required by law for the protection of the vulnerable. Through the risk established management processes, the Trustees are salislied that the major risks identified have been adequately mitigated where necessary. so lar as possible. Théy reeognise that System can only provide reasonable ralher than absolute a5$urance that major risks have been adequately rnanaged and the measures they have taken are therefore kept under constant review.
THE NORTH WALL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Future Plans The Trust will continue to advance the education of the public In the perfoimbng. theatre and visual arts, including educational courses and the production of artislic works, supported by St. Edward's School. The Trust wll continue lo create, promote and perpetuate the performing and visual arts and to provide opportunrties for everyone, but particularly young peop, to expèriencè and to make art of the highest quality. STATEMENT OF TRUSTEES RESPONSIBILITIES The TTu51ees (who are also director5 01 the Twsl for the purposes of company lawl are responsible for preparing the Annual Report and the financial stslements wi(h applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standaidsl. Company law require$ the Tw$lee$ lo prepare finan¢ial slalements for each financial period. Under that law the Trustees have elected lo prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounting Standards) and applicable law. Company law requires the Trustees lo prepare financial stslemen15 for each financial period. Under ¢ompany law the Tru$lees musl not approve the finan¢lal statements unless they are satisfied that they give a true and fair view ol the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial slalemenls. the Trustees are required to.. setecl the most suitable accounting w)licies and then apply them ¢on$istenlly' observe the methods and principles in the Charities SORP,. make judgements and accounting eslimales that are reasonable and prudent; slate whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial slatemenls,. ar)d prepare the financial statements on the going concern basis unless il is inappropriate to presume Ihat the charitable company will continue in business. The Trustees are responsible lor keeping adequate records that are Sufflent to show and explain the charilable company's transactions, disclose with reasonable accuracy al any time the financial position of the charitable company and enable them to ensure that the financial slalements 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 detectK)n of fraud and other irregularities. Insolar as each of the Trustees. who are also Directors of the Company, is aware al the time of approving the Annual Report of the Governors.. there is no relevant audit information, being information needed by the auditor in connection vthh preparing their report, of which the Company's auditor is unaware., and &a¢h Trustee has taken all the steps that he or sh8 should have tsken a$ a Trusteè in order to make himself or herself aware of the relevant audit information and lo establish that ihe Cornpany's auditor is aware of that information. Approved by the Trustees, including, in their capacity as company directors, approvin9 the Directors, and Strategic Reports contained therein, and signed on its beha by.. A Bucha , Trustee 20 March 2026
Crowe THE NORTH WALL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEPABERS OF THE NORTH WALL TRUST FOR THE YEAR ENDED 31 AUGUST 2025 Opinion We have audited the financial statements of The North Wall Trust for the year ended 31 August 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of cash flows and notes to the financial stalemenls, including a summary of signrficanl accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdorn Generally Accepted Accounting Practicel. In our opinion the financial statements.. give a true and fair view of the stste of the charitable company's affair3 as al 31 August 2025 and of ils ineoming re50ur¢es and appli¢alion of re$our¢e$. Including ils income and expenditure lor the year Ihen ended,. have been properly prepared in accordance with United Kingdo)m Generally Accepted Accounting Pra¢ts'¢e'. and have been prepared in accordance wth the requirements of the Companies Act 200S. Basi5 for opinion We conducted our audit in accordance wilh International Standards on Audlling IUKI IISAS IUKII and applicablè law. Our responsikn'lities tjnder those standards are further described in the Auditor's responsibilities for the audil of the financial statemen15 section of our report. We are independent of the charrtable company in accordance wlh the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other eihical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient appropriate lo provide a ba515 for our opinion. oncluslons relatlng to golng concorn In auditing the financial stalemenls, we have ¢oncluded that the trustees, use of Ihe going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perlormed. we have not identified any material uncertainties relating to events or conditN)ns that, individtjally or collectivoly, may cast 51gnrficant duubt on the charitable company's ability lo continue as a going concem tor a period of at least e1ve months from when the ffinancial statements are aLrthorised for issue. Our responsibilities and the responsibilities of the trustees w((h respect lo going concern are described bn the relevant sectKsns of this report. Olher Infomiatlon The trustees are responsible lor the other infomalion contained within the annual report. The other information comprises the information included in the annual report, other than the financial stslemenls and Dur auditor's report thereon. Our opinion Dn the financial ststements does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other infomation and. in doing so, consider whether the other information is matenally ineonsistent rith the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. 11 we identify such material inconsistencies or apparent material misslalements. we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misslatemenl of this other information. we are required lo report that fact. We have nothing lo report in thi$ regard.
Crowe THE NORTH WALL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NORTH WALL TRUST FOR THE YEAR ENDED 31 AUGUST 2025 Opinions on othar matters prascrlb8d by tho Companl•s Act 2006 In our opinion based on ltte work undertaken in the course of our audit the information given in the Iruslees, report, which includes the directors. report prepared for the purposes of company law, for the ffinancial year for which the financial slalements are prepared is consistent with the financial slatemenls,. and the directors, report includeLI within the Iruslees, report have been prepared in accordance wth applicable legal requiiements. Matters on which wg are rgquirgd to roport by oxc•ption In light of the knowledge and understanding of the charitable Company and its environment obtained In the course of the audit. we hove not identified material misstatements in the directors, report included within the twstees, report. We have nothing lo report in respect of the following matters in relation lo 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 iri 8greemenl wlh the accounting records and returns,. or certain disclosures of trustees, remuneration specifi'ed by law are not made. or we have not received all the information and explanations we requi for our audll Re$pon$lbllltle$ of Iru$tsos As explainèd more fully in thè trustees, SponSibl1111es statement on page 5 the trustees l%tho are also the dire¢ltsrs of the ¢haritsble ¢ompany for the purposes of company lawl a responsible for the preparation of the financial stal&m8nts and lor bein9 satisfied that they give a true and fair view, and for such inlemal control 8S the trustees determine is necessary to enable the preparation of financial statements that are free from material misslalement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for 8s$¢5$ing the ¢harilable company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going ncern basis of accounting unless the Iruslees either intend lo liquidate the charitsble company or to Cease operations, or have no realistic akemative but to do so. AudltoVs responslbllltles for the audtt of the financial statements Our objectives are lo obtain reasonable assurance about whether Ihe financial statements as a whole are free from material misslalement. whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of a55urance, but Is not a guarantee that an audit conducted in accordance wilh ISAS IUKI will always detect a material misstatement when it exists. Misslalements can arise from fraud gr error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements 1$ located on the Financbal Reporting Council's website al., www.frc.org.uklauditorsresponsibilitses. This description forms parl of our auditor's report. Extent to whlch the audlt was ¢onsldered Capable of dote¢tlng irregularltles, In¢ludlng fraud Irregularities. including fraud, are instances of non-compliance wth laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities. whether due to fiaud or error. and discussed these between our audit le8m members. We then designed an¢J performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion.
Crowe THE NORTH WALL TRUST INDEPENDENT AUDOR's REPORT TO THE MEMBERS OF THE NORTH WALL TRUST FOR THE YEAR ENDED 31 AUGUST 202S We obtained an understanding of the legal and regulattsry frameworks within which the charitable company operates, focusing on tho$¢ law$ and regul8tions that have a direct effect on the deleiminalion of material amounts and disclosures in the financial slalemenls. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011, together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part ol our audit procedures on the relaled financial statement items. In addition, we considered provisions of other laws and regulations that do not have 8 direct effect on the financial statements bul ¢omplian¢e with which might be fundamental to the group and tharitsble company's ab11ity to operate or lo avoid a material penalty. Auditing standards limit the required audlt procedures to identify noncompliance with these laws and regulations lo enquiry of the Trustees and othei m8nagemenl and inspection of regulatory and legal corresponden¢e. if any. Auditing stsndards limit the required audit procedureg lo Identify non-compliance with these laws and regulations to enquiry ol the Tcust6e5 and other management and in5pecknon of regulatory and legal correspondence, if any. We identified the greatest 11sk of material impact on the financial ststemenls from irregularities, including fraud. to be the override of controls by management. Our audit procedures lo 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. reviewing accounting estimates lor biases, reviewing regulatory correspondence wblh the Charity Commission, and reading minutes of meetings of those charged with governance. Owing to the inherent limitstlons of an audit, there 15 an unavoidable risk that we may not have detected some material misslalemenls in the financial slalemenls, even though we have properly planned and performed our audrt in accordance wrth auditing standards. For example, thè furthèr rèmoved non- compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial stalements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as wlh any audit, there remained a higher risk of non-detects'on of irregularities, as these may invOe collusion, forgery, intentional omissions. misrepresentations, or the override of internal controls. We are not responsiblè lor preventing non-compliance and cannot be expected to dele¢l non-¢omplian¢e with all laws and regulations. Uso of our report This report is made solely to the charitable company's members, as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might slate to the charitsble company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the lIest exlenl permitted by law, we do not aecept or aSSLJme responsibility lo anyone other than the charitable company and the charitsble company's memb&rs as a body, for our audit work, for this report, or for the opinions we have lomied. Janette Joyce Senior Slatulory Auditor For and on behalf of Crowe U.K. LLP Slalutory Auditor Reading Dated..
THE NORTH WALL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 Not•s Unrestrlctod R•strlct•d Funds Fund Total Fund5 2025 Total Funds 2024 In¢om•= Donations Income from charitable activities 350.759 285 395 15.475 366.234 285 395 359,449 260 726 Total income 636 154 47 Expendlture Expenditure on charitable activitses S25 777 625 777 680 647 Totsl •xp•ndltur• 625 777 625 777 880 647 Net movement in funds Reconclllatlon of ftsnds: Total funds brought forward Total fundB carried lorward The noleg on p8ge$ 12 to 17 fomi part of the financial slalements.
THE NORTH WALL TRUST BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2025 Noto 2025 2024 Current ass•ts Debtors Cash al bank and in hand 6,252 22,324 248 153 Total current assets 238,7S7 270.477 Creditors falling due within one year 180774 238 336 Nat a$$ots Represented by Unrestrictéd income funds Restricted income funds 41,518 31,141 10 Total funds 12 The North Wall Trust is regislered wth company number 07951 $38. The Directers acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation ol accounts. These financial ststements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. A Buchana Trustee Dale.. 20 March 2026 The notes on pages 12 to 17 form part of the financial statements io
THE NORTH WALL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 AUGUST 2025 2025 2024 Note Nel cash fbw from operating activities 11 5.6381 116,552 Nel ¢ash provi(Jed by / lused Inl invesllng adivlties Cash flows from finanang a¢livilie3 Increase I Idecroaso) in cash and cash equlvalents In the perlod 115,6381 116,552 Cash and cash equivalents at beginning of period 248.153 131,601 Cash and cash equivalents al end of period 232,515 248,153 The notes on pages 12 to 17 form part of Ihe financial statements
THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcios The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial Stslemenls are a$ follow5.. lal Basls of preparatlon The North Wall Trust meets the definition ol a public benefit enlily under Finan¢ial Reporting Standard 102. The accounts of the public benefi't entity have been prepared under the Companies Act 2006 and in accordance with the Charities Statement ol Recommended Practice I'SORP IFRS1021'1 and FRS102. The aclIn1$ are dravvn 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. Going Cone•m Having reviewed the fkjnding facilities available lo the Trust and the Trust's lulure expected cash ftows, the Trustees have a reasonable expeclalion that the Trust has adequate resources to continue Its activities for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis in preparing Ihe financial slalemenls as outlined in the Slalement of Accounting and Reporting Responsibilities on page 5 Ibl Income Income is recognised when.. the Company has enliUemenl lo the funds." any performance onditions allached to income have been mel,. there is certainty of receipt", and the amount &in be measured with sufficient reliability. Income is dèferred when performance fees, ticket sales or grants are received in advance of the performance or event lo which they relate. Grants received for specific purposes are treated as reslricled lun(Js. From the 19120 financial year, in accordance with an agreement between ils parent, St Edward'g School. and the Company. the annual grant awarded by Sl Edward's School lo the Company is irrevocable and, as such, the Company has no obligation lo return any portion thereof. Icl Exp8ndltur• and Irr•cov•rdbl• VA T Expenditure is recognised as soon as a liability is considered probable and the amount can be measured wth sufficient reliabilty. All resources expended are inclusive of any irrecoverable VAT. Expendituie is classified under the following activity headings.. Cu5ts 01 raising funds., Expenditure on charitable aetivilies.. and Govemance costs Id} Credltor8 Basic fi'nancial liabilities, including creditors are initially recognised at transaction price. Trade eredilors are obligalion51o pay for goods or services that have been acquired in the ordinary course of operations from guppliers. Amounts payable are classified as current liabilities il payment is due within one year or less. 11 not, they are presented as non-currenl liabilities. Creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effectNe interest method. 12
THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 lel Funds accounting Restricted funds arè funds that can only be used for specific reslricled purposes wilhln the objects of the Company. Restriclions afise when specified by the donor or when funds are raised for paibcular restricted purposes. Unreslricte(I general funds- these are funds which can be used in accordance th the eharilable obje¢ts at the discretion ol the Trustees. Designated funds are funds sel aside by the Trustees out of unrestricted general funds for specific fvlure purposes or projects. ifj Judgements in accounting poli¢i85 and kèy sources of estimation and uncortainty Preparation of the financial ststements require management to make judgments and estimates. The Oireclors consider that therè are no material judgments and estimates. In¢omè from donations 2025 2024 Contribution from parent company Other Sponsorship and grant income 314,240 313,000 44 Incomo from charitable activiti95 202S 2024 Ticket sales Other income 161,719 123 676 147,712 113 014 ExndIture on charltsbl• actSvltlès Slaff Co$ts Dlr•ct Support Costs Costs Totsl 2025 Total 2024 Programme costs Bar and other costs Running costs Project cosls Governance 366,895 129,379 16,813 39,399 69,791 496,274 16,813 39.399 69,791 3,500 625.777 447,109 25,015 31,186 173.837 3.500 680.647 3,500 3,500 366,895 255,382 13
THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 4.1 Expenditure on charitable activities in¢lude$ 202S 2024 Audit Fees Reimbursement of travel and 8ub8iBlence to Trustees 4 2 Staff cost$ No staff have been directly employed by the Trust as staffing is provided by Sl Edward'8 School. The cost of staffing is reimbursed by the Trust to Sl Edward's School. 2025 2024 The aggregate gross Cost of staff for the period were as follows.. Vvages and salaries Social security cogls Other pension costs Agency Staff cost 284,833 28,965 22,597 500 265,670 23,780 20,201 1,276 310,927 336,895 2025 2024 Average monthly number of employees durin9 the period was.. None of the Trustees received any muneratIOn or other benefits from the School or from any connected body. None of the employees earned more than £80,000 (excluding employer's National Insurance and employer pension costs but including any other benefits). Key management personnel are deemed to be the Trustee5. The total remuneration is.. £nil. Corporation taxation The Company is exempl from tsx on income and gains falling within se¢ts'on 505 ofthe Taxes A¢1 1988 to the extent that these are applied to ils charitable objectives. Dobtors 2025 2024 Prepayments Other debtors Accrued Income 2,999 3,253 4.595 1.582 147 14
THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Croditorn falling du• wlthln on• yoar 2025 2024 Other creditors and accruals Deferred income (see Note 81 Amounts owng to parent company 19.082 36,318 125 374 180 774 16,632 15,409 Deferred income Deferred income comprises box officè income for events in the next financial year. 202S 2024 Balance at 1 August Amount released lo Income from charitable activities Deferred Box Office income due wthin one year Balance al 31 August 15,409 115.4091 318 17,403 117,4031 Unrostrictgd funds 2025 2024 As at 1 August Income Expenditure Transfers to Restricted funds As al 31 August 31,141 636,154 {625,7771 85,746 617,175 {651,7801 41.518 31,141 10. RoStrict8d funds Restricted funds represent grants received from Oxford Cty Council and UCEC towards the delivery of The North Vvall's Participation Programrne. 2025 2024 As al 1 AugLSSt Income Expenditure Transfers from Unrestricted funds As at 31 August 1,000 15,475 26,887 3,000 128,8671 16,475 1.000 15
THE NORTH WALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 R&¢on¢lllation of net income to net cashflow from opeiating actlvltles 2025 2025 2024 2024 Not11088lllncome for the Yèar Elimlnalion of non-operatlng Items.. Ilncreaselldecrease In debtors Increaselldecrea5el in creditors and provlslons 25,852 160,4721 16.072 {6.230) (S7,2) 183,254 141,4901 177,024 Nat cash flowfrom op•r•tlng actlvltles 115,6381 116,SS2 12. Netass•ts Fixed Assgts Net Current Assets Long tèrm Liabilities Total 2025 202S 2025 2025 Reslricled Funds Unrestricted Funds 16.475 41.518 57.993 16.475 41,518 57,993 Fixed Assèts Not Curr•nt Assets Long tomi Liabilities Total 2024 2024 2024 2024 Restricted Funds Unrestricted Funds 1,000 31,141 32,141 1.000 31.141 32.141 Parènt Company The Company is controlled by St Edward's School, since St Edward's School is the sde member of the Company. Sl Edward's School is a charity registered with the Charity commission under harrty number 309681. St Edward's School 1$ a150 a company limrted by guarantee registered in En9land and Wale$ wth the ¢ompany number 00116784. The main activity of St Edward's School is operating as a co-educational boarding and day school for pupils aged 13 10 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 S¢hool can be obtained either through Companies House or from The Company Se¢relary, Sl Edward's School, Woodstock Road, Oxford, OX2 7NN. 16
THE NORTH WALL TRUST NOTES TO THE FINA14CIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. Related party transactlon$ Related party transactions wth St Edward's Schtstsl Ineludèd the net grant received of £314k. There were no related party transactions during the period other than with St Edward's School. 15. Ststsmont of Flnanclal A¢tlvltlos lor thè 12 months ended 31 August 2024 leompar•tivesl Unre$tri¢tsd R•strict•d Totsl Funds Fund8 Funds 2024 Income: Donations Income from tharitsble activities 356,449 3,000 359,449 260 726 Total Income 617 175 620 175 Exp&nditure Cost of raising fijnds Expenditure on charitable activities 651,780 28.867 680,647 680 647 Total 8xp8nditure Net incom•llexpgndilurel 472 Nel movement in funds R8¢onriliation of funds.. Total fvnds brought forwar<J Totsl funds ¢arrl•d forward 17