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, rep￿Sented by its Court. A listof Court
meM￿r$ 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 c￿rk 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 wh￿h 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.
nan￿alp0sjti0n
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 p￿paration 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 n￿eSSarY 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
Audito￿9 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 fraM￿orkS
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
Unresti￿ted 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. F￿emen, 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[rnar￿nt 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 Convale￿nt 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