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) I￿signed 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 Ind￿ated 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 Suff￿lent 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 AUD￿OR'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 invO￿e 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 ac￿lIn1$ 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
Ex￿ndIture 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