Norton Folgate Trust Annual Report and Accounts 30 June 2025 Charfty Reg15tralion Nwiber 230990
Contents Reports Legal and administrative infDmiation Tfuslee's report Independent audilo¢s report Accounts Statement of financial activities Balance sheet Principal accounting policies 14 Noles lo the a¢counl$ Norton Folgale Trust
Legal and administrativo infomi*tion Trustee The Worshipful Company of Carpenters Pkmbgrs of tho Court The Master Senior Warden Middle Warden Junior Warden AAr L Mallinson MrJ W Pr8Ston Vice Admiral P M Bennett Mr J A Greaves Mr V G Morton-smilh lemerttus 15 January 20251 Mrws Haynes MrJ A C Wheeler MrMOPMay Mr M R Mathèws Mr H M Lancaster lemerilus 4 Oecember 20241 Mr M J Samuel Mr M R Mosley Mr M W F Felton MrMHWNeal Mr A M Gregory-smilh Mr5 R F Bower His Honour P W 8irt5 KC Mr M Morrison Brigadier M J Meardon Dr A ambler Sir L D G Grossman Deputy Master The Clerk Brigadier T J Gregson Deputy ClerklFinanclal Controllgr Ms J L 8rundell Reglstered address Carpenters, Hall Throgmorton Avenue London EC2N 2JJ Charity registration number 230990 Auditor Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Norton Folgate Trust
Legal and admini$tratlv& Infomiation Bankers C. Hoare & Co. 37 Fleet Street London EC4P 4DQ Solicitors Wedlake Bell LLP 71 Queen Vidoria Street London EC4V 4AY Investmènt managèrs W1M 16 Babmaes Street London SW1Y 6AH Norton Folgate Trust
Trustee's pOrt Year lo 30 June 2025 The Trustee presents its slalulory report together with the accounts of the Norton Folgate Trust for the year ended 30 June 2025. The accounts have bg&n prepared in accordance with the accounting policles set out on pages 14 to 16 and comply wth the charity's trust deed, the Charities Act 2011, and Accounting and Reporttng by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. structure. govemance and management The charity was established in 1630 and is now governed by a scheme approved by the Charity Commissioners dated 23 September 1983. The overall responsibility for the charity lies with the Trustee, The Worshipful Cgmpany of Carpenters, which performs ils function as Trustee through ils Court of Assistsnts. the member5 of which are listed on page 1. The Worshipful Company of Carpenters appoints ils asS15tan15 from wthin ils members, of which normally one is inducted each year. The consideration of grants is delegated to the charitable grants committee, which CQTnprises the Master. Senior Warden. three elected members of the Court and up lo four co-opted Lwerymen. This committee meetsthreetimes each yearand also considers grant applications received by a connected charity, Carpenters. Company Charitable Trust. Day to day management 15 the responsibility of the Clerk ID The Worshipful Company of Garpenters. The Trustee has considerable experience of the charity through its Court of Assistan15. This experience has been gathered over many years and the Court's knowledge of the workings ol the charity is extensive. Further training has been given lo members of the Court during the year and is made available there appropriate. Professional advice is sought where required. Key managementpersonnel The Trustee Is the Worshipful Company of Carpenters, repSented by its Court. A listof Court meMr$ is provided on pa9e 1. Court members do not receive remuneration. The day to day management of the charity is delegated to the Clerk of thè Worghipful Company of Carpenter5. The crk is remunerated by the Trustee. Connected charities and relatedparties The Worshipful Company of Carpenters is also responsible for the management and administration of three other registered charities, details of whh are given in note 13 to the accounts. Norton Folgale Trust 3
Trustee's rèport Year to 30 June 2025 Structure. governance and management (continued) Risk management The Tnjslee has asse55ed the major risk5 to which the charity Is exposed, in particular those relating lo the specffic operational areas of the charity, its investments and ils finances. The Trustee believes that by monitoring resetve levels, by ensuring Controls exist over key financial systems, and by examining the operational and busiriess risks faced by the charity, il has established effective systems to miligale those risks. The greatest risk facing the charity is external. Significant volatilty in the investment market could lead to reduced income and impact on the charity's ability lo meet ils funding commitments. To miligale this risk, funding ctsmmtiments are reviewed annually and normally limited to the income generated in the previous year. Objectives and actNltles The charity exists for the lief of Poor or needy m6mbers of The Worshipfvl Company of Carpenters and their dependanls and. subject thereto, for the relief of persons in need associated with the ¢r8ft and generally. The charlly achieves ils prinGipal aims through the provision of grants to relevant beneficiaries. The level of grants is determined by the level ol return generated from the charity's investments. The main objective for the year was to maximise the grants payable subject tg covering necessary support costs for the grant-making function and to protecting the charity's capital base. Grant making policy Grants are payabSe under three categories - members of the Company or those engaged in the Craft and their dependants.. grants lo individuals for craft-related or other educational courses., and, where there are sufficient funds, lo other individuals in need. Educational grant applications are nofmally considered in June y¥ith other grant applications being considered in Odober and March each y8ar. PubliTC ljenefft statement The Trustee ¢gnfirms that il has complied w¢Eh ils duly under section 4 of the Charrfcies Act 2011. It has considered the public benefit guidance published by the Charity Commission and believes that it has followed ils guidance in thi5 area. The Trustee's report gives a description of the activities undertaken by the chartty during the year in furtheran of its Gharltable purposes, and the Trustee is satisfied that all such aclivilies provide a public benefit. Norton Folgale Trust 4
Trustse's r&port Year lo 30 June 2025 ObJ¢¢tlv&$ and a¢ttvltl¢8 Iconlinuedl Fundraising statement The charity does not actively solicit donations and theTefore is not registered with the Fundraising Regulator and doe5 riot subscribe lo any fundraising code5 of practice. en donations frorn individua15 are received, the charity aims to protect personal data and never sells data orswaps data wlh olhef organisalions. During the current and piioryear, the charity received no complaints about fundraising activities. Achievements during the year The charity has continued to disburse funds lo individuals throughout the year. The majority of these grants are for edu¢8tion81 purposès Ilts individuals at schools. ctslleges, universities) but there are also some grants for welfare cases, particularly for the elderfy. Flnancial revlew A summary of the charity'5 Tesulls forthe year can be found on page 11. Total income forthe year anounled lo £352,69512024- £317,021), including £86, 14012024-£84.1001 donation5 from related entities. Other income Comprised income from the charity's listed investments and interest re¢eivable. Giants lotslling £78,01812024 - £225,615) were made lo 4912024 - 471 individuals during the year in lino wilh the charity's obj¢¢live. Grants ranged from £1.417 19 £11,000. nanalp0sjti0n The balance sheet 5how5 total funds of £10,832,790 12024 £10,838,807) comprising endowment funds of £282,006 12024 £10,304,601), general funds lor 'free' reserves) of £419,80212024- £368,381) and reslricled funds of £130,98212024- £165.8251. ReseNes policy The charity's commitments are reviewed annualSy and are usually limited lo the incorne generated in the previous year. The charity does not therefore have a requirement lo hold free reserves in excess of the following year's planned grant payments. Investmentpoll¢y andperformance The charity's investments are invested Ljpon the advi¢e of the Investments Committee of the Worshipful Company of Carpenters. During the year, the Iruslees disinvested from the units held at Newion Investment Management and moved to a portfolio of holdings managed by W1M. There are no reslrlclions on the charity's power to invest. The investment strategy is sel by the Twslee and lakes into a¢¢ounl In¢ome requirements, risk profile and its view of the market prospects in the medium temi. The overall investment policy is to provide a stable level of income. The perfDrmance of its listed investments during the year was in line with market conditions and the Trustee is satisfied that ils investment policy was achieved dtjring the year. Norton Folgale Trust 5
Trustoe's report Year lo 30 June 2025 Future Plans The charity's aims and objecb'ves remain the same as previous years. Subject to prolectsng the charity's capital base and to covering necessary support C051s for the 9ranl-making function, the main objective for the year is lo maximise the grants payable. Grants will continue lo be made in attordance wlh the grant making policy. Trustee's responsibilities statement The Trustee is responsible for preparing the Trustee's report and accounts in accordance wth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The lawapplicable to chaNties in England and Wales requires the Trustee to prepare accounts for each financial year which give a true and fair wew of the state of affairs of the charity and of the income and Èxpendf(ure of the charity for that period. In preparing these accounts, the Trustee is required lo.. select suitable accounting policies and then apply them consislenUy', observe the methods and principles in Accounting and Reporting by Charitie5'. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021., rllake judgements and eslimates that are reasonable and prudent.. slate whether applicable United Kingdorn Accounting Standards have been followed, subject to any material departures disc108ed anLI explaineij in the accounts., and prepare the a¢counts on the going con¢$rn basis unless il is inappropriate to presume that the charity will continue in operation. The Trustee is responsible for keeping proper accounting record5 that are sufficient to show and explain the Charity's transaelions, disclose wth reasonable accuracy al any time the financial position of the charity and enable the Trustee lo ensure that the accounts comply vthh the Charities Aet 2011, the applicable Char5ty (Aceounts and Reports) Regulations and the piovi5ions of the trust deed. The Trustee is also responslble for safeguarding the assets of the charity and hence for tsking reasonable steps for thè prevention aftd detection offraud and other irregularities. Approved by the Trustee ancl signed on ils behalf by.. L Mallinson Master The Worshipful Company of Carpenter5 {Trusteel Approved on." 5 November 2025 Norton Folgale Trust 6
Independènt auditorfs rgport 30 June 2025 Independent auditorfs report to the Trustee of Norton Folgate Trust Opinion We have audited the accounts of Norton Folgate Trust (the 'charity'} for the year ended 30 June 2025 which comprise the statement of financial activities, the balance sheet, the principal accounting policies and the notes to the accounts. 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, Iuniled KFngdom Generally Accepted Accounting Practice). In our opinion. the accounts.. give a true and falr view of the Stale of the charity's affairs as at 30 June 2025 and of tts income and expenditure for the year then ended", • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practsce., and • have been prepafftd in accordance with the requirernents of the Charrties Act 2011. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audrt of the accounts in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other ethical responsibililies in ac¢ord8nce with these requirements. We believe that the audrt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelusions ralating to going conc•m In auditing the accounts, we have concluded that the Trustee's use of the going ¢oncern basis of arLounling in the pparation of the a¢¢ounls 1$ appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individualty or collectively. may cast significant doubl on the charity's ability to continue as a going concem for a period of al least twelve months from when the accounts are authorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant Sections of this report. Other Information The other information ¢omprises the inforniation included in the Annual Report and Accounts other than the accounts and OUT auditor's report thereon. The Trustee is responsible for the other information. Our opinion on the accounts does not cover the other infomialion and we do not expres5 any form of assurance conclusion thereon. Norton Folgale Trust 7
Independent auditorfs report 30 June 2025 Other infomiation Iconlinued) Our SpOnsIbl11ty is to read the other infomiation and, in doing so, consider whether the other infomialion is materially inconsistent with the accounts or our knowledge obtained in the audit or othenmise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo delemine whether this gives rise lo material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo report that fa¢l. We have nothing to report in this regard. Matters on which wa are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the aud((, we have not identified material misstatements in the Trustee's report. We have nothing lo report in respect of the following matters in relalion lo which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. + the information given in the Trustee's report is incon5151enl in any material respect wrth the accounts., or sufficlenl accounting records have not bogn kept,. or • the accounts are not in agreement wth the accounting records,. or we have not received all the information and explanations we require for Dur audit. Responsibilities of the Trustee As explained more fully in the Trustee's responsibilitie5 slalement, Ihtr Trustee is responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for Such internal control as the Trustee determines is neSSarY to enable the preparation of accounts that are free from material rn15slatement, whether due to fraud or error. In preparing the accounts, the Trustee is responsible for assessing the charity's ability lo contlnue as a going ¢onc8m, disclosing, as applicable, matters related to going concern and using the going Concern basis of accounting unless the Trustee either intends lo liquidate the charty or to Cease operation5, or ha5 no realistic altemalive but to do so. Audltor's responsibilities for the audit of the accounts We have been appointed as au¢Jrtor under section 144 of the Charitses Act 2011 and report in acctsrdan¢e with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain aSOnable assurance about whether the accounts as a whole are free from material misstatement. 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. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI always detect a material misstalemenl when exists. Norton Folgats Trust 8
Indèpendent auditorfs rgport 30 June 2025 Audito9 r8sponsibilltiÈ$ for the audit of the accounts Iconlinuedl Misstatements can arise from fraud OT 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 accounts. Irregularities, including fraud, are instsnces of non-complianee with laws and regulations. We design procedures in line with our responsibil((ies, outlined above, lo detect material misstatements in respect of irregularities, including fraud. Our approach lo identifying and assessing the risks of material misstatement in respect of irTegulartbes, including fraud and non-compliance with laws and regulations, was as follows.. • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to entify or recognise non.compliance th applicable laws and Tegulalions.. • we identified the laws and regulations applicable lo the charity through discussions with those charged wlh goveman¢e and other management, and from our knowledge and experience of the sector., + we focused on sps¢ific laws and regulations which we considered may have a direct material effeet on the accounts or the operations of the charity, in¢luding the Charities Act 2011 and the financial reporting framework referred lo above,. and • we understtsod how the charity is complying with those legal and regulatory fraMorkS by making enquiries of management. We corroborated our enquiries through our review of the minutes of meetings of those charged with governance. We as$es8ed the susceptibilty of the charity's account5 to material misslalemenl, including obtaining an understanding of how fraud might occur. Audit prwedures performed by the engagement team included.. + making enquiries of management and those charged governance as lo their knowledge of actual, suspected and alleged fraud,. and onsidering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we- • performed analytical proceduTrs to identify any unusua1 or unexpected financial relationships., + tested journal entries to identify unusual transactlons., and • performed subslanlive testing of expenditure including testing the authorisation thertof. Norton Folgale Trust
Independent auditorfs rgport 30 June 2025 Auditor's respon5ibi5ities for the audit of the accounts Iconllnued) In response lo the risk of irre9ularilies and non-compliance wlh laws and regulations, we designed procedure5 which included, bul were not limited to.. • reading the minutes of meetings of those charged with governance., and • enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is Ihal we would become aware of non-compliance. Auditing Standards also limit the audit procedures required lo identfy non-compliance with law5 and regulations lo enquiry of those charged wlh governance and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due ID fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilitie5 for the audit of the accounts is located on the Financial Reporting Council's websilo al vthw.frc.org.uklauditorsresponsibiliti¢s. This description forms part of our auditor's report. Use of our r&port This report is made solely lo the charity's Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so thal we might slate to the charity's Trustee those matters we are required to slate lo il in an auditor's ieport and for no other purpose. To the fullest extent permitted by law, we do not a¢cepl or a$sume responsibility lo anyone other than the charity and the charty's Trustee as a body, for our audit work, for this report, or for the opinions we have formed. A,,Jkll,Li LL, Buzzacott Audti LLP Stalulory Auditor 130 Wood Street London EC2V 6DL Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 5 November 2025 Norton Folgale Trust 10
Statemont of flnanclal a¢VItte$ Year to 30 June 2025 2025 Totsl fund$ 2024 Total funds Unrestited Restricted Éndowment funds funds funds Notes Income: Donations Investment income Total incom8 38,640 194,738 233,378 47,500 71,817 119,317 86,140 266.555 352.695 84,100 232,1 317,021 Expenditure: Charitable aGtivitles Total expenditure 176,317 176,317 154.160 154,160 330A77 330.477 25B,088 258,088 Nèt Incomellexpendlturel before Ilossesl gains on inve5tm8nts 57,C61 134.8431 22.218 58,933 Net Ilossesl gain5 on investrnents 15,6401 122,5951 128,2351 860,673 N•t income lèxpenditurel and net movèment in fund5 51,421 134.6431 122.5951 16,0171 919.606 Reconciliatlon of funds: Fund balances brought forward at 1 July 2024 368,381 165.825 10,304.601 10,838,807 9.919,201 Fund balances ¢arried forward at 30 June 2025 419,802 130.982 10,282.006 10,832.790 10,838,807 All of the charity's activrties derived from continuing operations during the above two financial periods. All recognised gains and losses are Included in the above statement of financial activllies. Norton Folgale Trust 11
Statement of financial activities Year to 30 June 2025 2024 Total fund5 Unr8Strict8d funG4s Restricted funds Endcwmenl funds Nol8S Income.. Donations Inv851ffl8nt inwffle TotalinGome 33,000 169,808 202,808 57, 100 63.173 174,273 84,10) 232.921 317,021 Expenditufrv.. Ch8ri18ble 8ctivities TotalÈxp8nthtts 767.956 767,956 90.132 90, 132 258.088 258,088 Nèl inGome before gsins orp investments 34,852 24,081 58,933 Net 98ins on investmenls 70,962 849.711 860.673 Net incoma and nel movem&ntin ftsnds 45,814 24,081 849,711 919,606 R6conciliation offunds.. Funcl balances bmught fokwatrl at l July 2023 322,567 141,744 9,454,890 9,919,201 Fund b818nC&S C8rri8d fonv8rd 8t 30 June 2024 368,381 165.825 10,3Q4.601 10.838.807 All of the charity's activities derived frow conlinuing operations during the above financial period. All recognised gains and losses are included in the above statement of financial aclivilies. Norton Folgate Tlust 12
Balance sheet 30 June 2025 202S 2025 2024 2024 Not8S Fixed assets L15ted Investments 10,331,613 10,372,606 Current ass81¥ Debto Short term deposits Cash al bank and in hand 16,700 143,997 375.216 636,913 52.071 137.470 307,451 496.992 LlabllÉtles'. Creditors.. amounts falling due within one year 134,7361 130,7911 Net current a85ets 501,177 466,201 Total assots less current 10.832,790 10,838,807 The funds of the charity C*pfftal funds.. Enéowmenl funds Income funds.. Restricted funds Ufireslri¢ted fund8 General funds 10 10.282.006 10,304,601 130.982 165,825 419.802 368,381 Total charity funds 10,832.790 10,838,807 Approved by the Trustee and signed on ils behalf by: L Mallinson Master The Worshipful Company of Carpenter5 ITruslee) Approved on.. 5 November 2025 Norton Folgate Trust 13
Principal a¢¢ounting policios 30 June 2025 The Principal accounting policies adopted, judgements and key sources of eslimalion uncertainty in the preparation of the accounts are laid out below. Basls of preparation These ac¢ounls have been prepared for the year to 30 June 2025, with Comparatives presented for the year ended 30 June 2024. The accounts have been prepared under the historical cost convention with Items recognised at cost or transaction value unless otherwise stslèd in the relevant accounting policies below or the notes lo these accounts. The accoLJnts have been prepared in aGcordance forAccounling and Reporting by Charities.. Statement of Recommended Practice lor charities preparing their accounts in 8ccordance with the Financial Reporting Standard applicable in the UK and Republic of Iieland (Charities SORP FRS 1021, the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Charity conslitules a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded to Ihe neaTesl pound. Critical accounting trstimate$ and areas of judgem¥nt Thg preparation of the accounts ha5 not required the Trustee or management lo make any significant judgements or eslimales. Assessment of going concern The Trustee has assessed whether the use of the going concern assumption is appropriat$ in preparing these accounts. The Trustee has made this assessment wlh respect to period of al least one year from the date of approval of these accounts. The Truslee of the charity has concluded that there are no material uncertainties related to events or conditions that may cast signifScanl doubt on the abilrty of the charity to continue as a going concèm. The Trustee is of the opinion that the charity vwll have sufficient resources to meet its liabilities as they fall due. With regard to the next accounting period. the year ending 30 June 2025, the most signifi¢ant areas that affect the carrying value of the asset5 held by the charity are the level of investment relum and the performance of the investment markets (see the Investment policy and the risk management sections of the Trustee's report for more infomialionl. Income recognlllon Income is recognised in the period in which the charity has entitlement lo the income, the amount can be measured Teli3bly and rt is p¥obab that the income will be recelved. Income comprises donations and investment income. Norton Folgate Trust 14
Prlncipal accounting poli¢ie$ 30 June 2025 Income recognition Iconlinuedl Dividends are recognised once the dividend has been dedared and notsficalion has been ieceived of the dividend due. Interest on lunds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is nomially upon notification of the interest paid or payable by the bank. Expenditurg rècognitlon Expenditure is recogni5ed as soon as there is a legal or ¢onstrLJclive obligation commilling the charity to make a payment lo a third party, il IS Probable that a transfer of economic benefits will be requiied in Settlement and the amount Gan be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure comprises direct Costs and support costs. All expenses, including support costs. are allocated lo the ¢harity's sole activity of grant making. Grants payable are included in the sialemenl of finandal a¢tivilies when approved and when the inlended recipient has either received the funds or been informed of the decision to make the gfanl. Grants approved bul not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informed or where the charity retains the dis¢retion lo avoid payment are not accfued for bul are noted as financial ¢ommitmenls in the notes to the account5. Support costs comprise a rnanagement charge in respect of staff supporb.ng the grant making function and governance cos15 which comprise those costs that are diwtly attributable to the strategic management of the charity's assets. organisalional procedures and the necessary legal proceduies for compliance wth Gonstitutional and statutory requirements. All expendrture is ststed inclusive of irrecoverable VAT. Fixed asset invgstments The charity's listed investmènts are basic financial instruments 8nd af¢ inits.ally recognised at their transaction value and subsequently measured at their fair value as al the balance sheet dale using the closing quoted market price. Realised gains lor losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent lo the first day of the financial year. Unrealised gains (or losse51 are cal¢ul8led as the difference bebNeen the fairvalue atthe year end and their carying value 81 that dale. Reali5ed and unrealised 9ains lor losses) are crimbined in the statement of financial activities and are credited lor debiledl in the year in which they arise. Norton Folgate Trust 15
Principal a¢countlng policies 30 June 2025 Debtors Debtors a recognised al their settlement amount, less any provision for non-recoverabilily. Prepayments are valued at the amount prepaid. Cash at bank and In hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the dale of acquisition. Deposits for more than three rnonths but less than one year have been disclosed as short term deposits. Crodltors and provision5 Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised al the amount the charity anticipates it will pay to settle the debt. Fund structure Endowment funds comprise monies which musl be held as capital. Permanent endowment funds mLJSt be permanently retained by the Truglee and cannot nomially be spent as if they were income. Where the Trustee has a power of dis¢retic)n to convert endowed capital into income, the fund is known as an expendable endowment. Income arising from endowment Ivnds is credited to general fvnds and applied for general purposes. Restricted funds compfise monies raised for, or which have their use Stride lo. a specific purpose, or contributions subject lo donor-imposed conditions. General funds represent those monies which are freely available for application towards achieving any charitable purpose that fa115 Within the charity's charitable objects. Cash flow The a¢¢ounls do not include a cash flow statement because thè charty. as a small reporbng enlily, 15 exempl from the requirement to prepare such a statement. Flnancial instrumonts The charity only has financial assets and financial liabilities of a kind that qualify as basic financlal Instruments. Apart from fixed asset investments held at fair value (see above). basic financial instruments are initially recognised al transaction value and subsequenuy measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand and debtors. Financial liabilities held al amortised cost comprise creditors. Norton Folgale Trust 16
Notès to the accounts 30 June 2025 1 Donations restrlcted Restricted nd$ tund5 restricte¢S Re8lnCt8d funds funds 2025 2024 Qon8lion5 frotn. Th8 Worshlplul Ctympany of Carpen18rs Carpanters. Compsny charitab Trust 3S.640 34640 33.0(M) 33.000 3,0 38.610 47,600 47.SDO 50,50D 86.140 51,10D 51,1(MJ 51.100 84,100 33,0 2 Investment tn¢ome Un. re¥iri¢t•d R88iri¢tsd nds funds reslricled RestrEct2d ¥unds funds 202S 2024 Income trom Ik5teiS Investments Irrterest *1Vable 183,Y11 11,027 194.T38 71,817 266,628 11,027 288,555 161.448 8.36 169.808 63.113 224.561 8,360 232.921 71,817 63.113 Gharftsble a¢tlvltles rEstrittsd R88tri¢ted funds funds resincted Reslricled funds funds 2025 2024 Grants payable Support costs 123.858 52,4S9 176,317 154,160 278.018 52.459 330.477 135,483 32,473 167,956 90,132 225.615 32.473 25B.O88 154,160 90.132 The charity made grants lo individuals in accordance with f(s grant making policy set out in the Trustee's report. Support costs comprise a management ¢harg8 in respect of staff sUPPOrting the grant making function and goveman¢e Costs Inole 41. The grants payable lo indwiduals during the year were for the following purp)5es'. 2025 2025 2024 No. 2024 Liverymen. Femen, rety'rees and th8ir dependanls Craft education other education 40.662 170,537 66,819 278.018 34.817 97.838 92.960 225,615 32 12 49 27 15 47 4 Governance costs 2025 2024 Auditor's remuneration 3,472 3.118 Norton Folgate Trust 17
Note$ to tha accounts 30 June 2025 5 Trustee's remuneration and r9muneration of key management personnel The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day lo day basis comprise the Court of The Worshipful Company of Carpenters and the Clerk of The Worshipful Company of Carpenter5. During the year the charity incurred a management charge of £30.938 {2024 £27,311) from ils Trustee, The Worshipful Company of Carpenters. No members of the Court received any remuneration in respect of their setvices to the charbty during the year12024 none}. No expenses 12024 none) were reimbursed to members of the Court by the charity. The Clerk is remunerated by The Worshipful Company of Carpenters. 6 Taxatlon Norton Folgate Trust is a gIstered charty and therefore is not liable to income lax or corporation lax on income derived from ils charitable adivities, as il falls within the various exemptions available lo registered charities. 7 Fixad asset investments 2025 2024 Listed investmenls Market value at 1 July 2024 Additions Disposals Reali$ed investment gains Net unreali5ed Ilossesl gains 10.372.603 10.503,876 110.859.8771 174,944 1203.1791 860.673 9,988,367 10.372,603 343.246 10,331,613 10.372,6( 9,511,930 Cash held by investment managers Mart¢et value at 30 June 2025 Cost at 30 June 2025 10,183.663 4.879,121 8 Dgbtor5 2025 2024 Awru8d income 16.700 16,700 52,071 52,071 9 Creditors.. arnounts falllng due within one year 2025 2024 Amount due lo The Worshipful Company ofcarpentets Accruals Other ¢r&ditDrs 30,938 3,360 438 27.311 3.068 412 30.791 34,736 Norton Folgate Trust 18
Not9$ to the accounts 30 Jun$ 2025 10 Endosv7nent funds 2025 2024 Pe[rnarnt endowment funds Expendable endowrnent funds 7,3S6,377 7,372.543 2,925.629 2,932,058 10,282,006 10.304.601 la) Pemianènt endowment fund5 At1Juty 2023 Gains and 105se5 At 1 July 2024 Gains and At 30 Juno losses 2025 Capital fund Pysden fund 5.248,874 1,530,252 6,779,126 446.844 146,573 593.417 5,6>5.718 1,676,825 7.372.543 112,4891 13.6771 116,1661 5,683,229 1,673,148 7,356,377 The capital fund comprises monies from the sale of the charity's investsnent propety. The Pysden fund comprises a legacy re¢eived from a former liveryman to provide 5cholar5hips lo students attending the Building Crafts College. Ib) Expendable èndowinent fund At 1 July Gains and 2023 losses At 1 July 2024 At 30 Jun¢ 2025 Gains and 105ses Capital fund Thè London Youth Trust fund 1,680.595 995,169 2,675,764 180,973 95,321 256,294 1.841,568 1,090,490 2,932,058 14,0381 l.B37.530 12,3911 1,088.099 16.4291 1925,629 The capital fund represents funds which had previously been set aside for fvture refurbishment of an investment property, which was subsequently sold. The London YoLrth Trust fund comprises the nel assets of The London Youth Trust W. H. Smith Memorial) which were transferred to Norton Folg8le Trust on 28 June 2012. The income earned on these funds 13 spent for the benefit of 51udenls attending the Building Crafts College who are resident in London and who are in financial need. Norton Folgale Trust 19
Notes to thè accounts 30 June 2025 11 Restrfcted funds At1 July 2024 At30 June 2025 Income Expenditure Py$den incorne fund Livery Awards fund The Portal Trust fund London Youth frust fund Hart Award Stuckey Award Kelle$s Award Osbome Award 77,759 35,900 4.372 11,161 6,550 23,250 6,833 43.517 40.0(K) 112.7501 174,0361 14.3721 128,5001 108.526 1,864 28,3C 3,OC 10.961 9A50 123,2501 18,7521 12,5001 1184,1601 2,QfJ) 2,500 119,317 81 165,825 130.982 At1 Juty 2023 At30 June 2024 In¢ome Expgndituro Pysd9n income fund LiweryAw8rds lund The Portal Trust fund London Youth Tmst fund Trlart Awar Stuckey Awartl Kgtless Award Osbom& Award 68,016 37, 150 4,372 10,173 3.550 19.650 4,833 36.243 40.000 (28.500) (35250) 77.159 35,900 4,372 17,161 6,550 23.250 6.833 24,870 3,000 3,600 2,000 2,500 114,213 (23.882) 12,5001 (90, 1321 14 1,744 165,825 The Pysden income fund comprises income received from the investments in the Pysden endowment fund, which 1$ spent on scholarships 10 students attending the Building Crafts College. The Livery Awards fund comprises donations received from the Carpenters, Company Charitable Trust, ¥Nhich are Spent on awards to students attending the Buildin9 Crafts College. The Portal Trust fund comprises a donation received frtsm the Portal Trust, which is to be spent Dn students attending the Building Crafts College who are under 25, permanent residents of inner London and who are in financi81 need. The London Youth Trust fund comprises income from the London Youth Trust expendable endowmenL It is to be spentfor the benefit of students attending the Building Crafts College who are resident in London and who are in financial need. The Stuckey, KeUess and Hart Awards comprise annual donations which are to be spent on students attending the Building Craft5 College. The Osbome Award comprises an annual donation which is to be spent on a singer al the Guildhall School of Music and Drama. Norton Folgale Tnjst 20
Notes to the accounts 30 June 2025 12 Anaty5i5 of net 4$$gt$ b8tw8•n funds General lund5 Re5tricled Endowmènt funds funds Totsl 2025 Fund balances at 30 June 2025 are represented by.. Inve5trn•nts Current assets Creditors.. amoun18 falling due within ona year Total net assets 49,807 404.931 10.282.0ffi 10,331.613 535.913 130,982 134,7361 419.802 134,7361 130.982 10.282,0{ 10,832.790 G6n&ral Reslrieted Endowmgnt hlnds funds ToE81 2024 Fund b8lancÉTrs at 30Jun8 2024 8re repres8ntsd by.. Invoslments CuffenÈ assels Creclit013.' 8mounls f8Ming du wtlhin one y88r rof81 n818SSets 68,005 331,16T 10,304,601 10,372,606 496,992 165.825 130. 791) 368,381 (30,791) 165,825 10,304,60t 10.838.807 13 Related party transa¢tion$ The Vvorshiplul Company of Carpenters is responsible for the appointment o the Trustees of, or octs as Trustee of. the following charities which art registered with the Charity Commission in England and Wales.. • Building Crafts College.. No 312856 • Carpenters. Company Charrtable Trust.. No 276996 • Rugtinglon Convalent Home.. No 216865 During the year, the charity incurred a management charge of £30,93812024 - £27,311> from The Worshipful Company Df Carpenters. The charity received a donation of£3S,64012024- £33,000) from The Worshipful Company of Carpenters. The charity receNied donations of £50,50012024-£51.100) from the Carpenters, Company Charitable Trust. Amount5 due to The Worshipful Company of Carpenters are disclosed in note 9 to the accounts. There were no other related party transactions requiring disclosure. 14 Financial commltments The charity is ctsmmitted to paying grants of £139,57212024 - £123,752) subject lo fvnd5 being available. Norton Folgate Trust 21