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← The Norma Lipman Memorial Trust

2025-04-05-accounts

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

Charity number: 1088499

THE NORMA LIPMAN MEMORIAL TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 17

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025

Trustees

Miss Lindsay Allason-Jones Professor Trevor Francis Page Professor Simon David Pallett, Chair Mr Jeremy James Paterson Mr Sebastian Trend

Charity registered number

1088499

Principal office

Newcastle University Newcastle upon Tyne NE1 7RU

Accountants

Kinnair Associates Limited Chartered Accountants Aston House Redburn Road Newcastle upon Tyne NE5 1NB

Investment Manager

RBC Brewin Dolphin Time Central Gallowgate Newcastle upon Tyne NE1 4SR

Page 1

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their annual report together with the financial statements of the Charity for the year from 6 April 2024 to 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity’s governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

Policies and objectives

The sole purpose of the Trust, as established by Dr Cyril Lipman’s Will, was to support the development of ceramics in what is now the Fine Arts section of the School of Arts and Cultures at Newcastle University, using the income generated by the Endowment primarily to fund ceramics fellowships.

On 11 June 2025 the Charity Commission approved a redrafting of the objects clause to:

For the purpose of furthering the academic development of ceramics within the Fine Art section of the School of Arts and Cultures at Newcastle University.

This gives the Trustees a little more freedom to fund activities other than fellowships and moves the emphasis away from supporting fellowships to the broader academic development of ceramics. This is useful because the cost of a fellowship is roughly three times the annual income generated by the Trust’s investments, meaning the Trust has to have long fallow periods between fellowships.

On 16 June 2025 the Charity Commission agreed that the Endowment can henceforth be treated as expendable. This gives the Trustees greater freedom to fund activities which will have a real impact on the academic development of ceramics.

In setting objectives and planning for activities, the Trustees have given due consideration to the general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’

Activities undertaken to achieve objectives

Traditionally the principal form of support, as envisaged in the Will was the funding of Fellows to work in Fine Art. As funds have long been insufficient to fund a succession of Fellows, the Trustees have adopted a policy of accumulating income until an appointment can be made. As noted above, the Charity Commission has agreed to a small change to the objects clause, which will in future provide the Trustees with the option of funding other activities which support the academic development of ceramics. The Trustees will also be able to spend the Endowment, giving them more flexibility to fund activities which will have a real impact, and not being limited to the income generated by the Endowment.

Main activities undertaken to further the Charity's purposes for the public benefit

All the Trust’s activities contribute to the recognised public benefit provided by Newcastle University, and also in addition, contribute to the public offering of art in the North East. In particular during the year the Trust supported a ceramics exhibition in the Hatton Gallery which was open to the public with no entry charge. In addition the work of some Fellows has been linked with local public art organisations with consequent public benefit, as well as helping to raise the profile of Fine Art at Newcastle University.

Page 2

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Achievements and performance

Review of activities

In the year in question the Trust funded the final months of Ranti Bam’s one year fellowship (ending June 2024) and made a grant towards the costs of an exhibition in the Hatton Gallery, entitled ‘Sustainable Clay’, which explored the environmental impact of clay. The exhibition featured the work of a number of past Lipman fellows.

Financial review

Going concern

The Trustees have a reasonable expectation that the Trust will be able to continue in operational existence for many years. The recent decision of the Charity Commission to allow the Endowment to be spent of course represents a major change and acceptance that the Trust will not last for ever. However, for the foreseeable future it allows a better balance between income and expenditure.

Reserves policy

Until the Charity Commission’s recent agreement to make the Endowment expendable, the capital of the Trust has been split between an Endowment Fund invested to generate income and unrestricted reserves arising from the investment income, which has been used to fund Ceramics Fellowships and other related activities.

The costs of managing the investment portfolio and any associated gains and losses have been charged or credited to the Endowment Fund. In future the Trustees will be able to make transfers from the Endowment Fund to meet current expenditure and will therefore develop a new reserves policy. It is the Trustees’ intention to agree a three-year funding strategy with the University which will only slowly spend down the capital, so that the Trust will remain active for many years to come. The Trust’s investment managers will make quarterly transfers at a pre-agreed level, consisting of a mixture of income generated and realised capital gains in order to give effect to the change and increase the funds available to support the academic development of ceramics.

At the year end, reserves stood at £800,004 (2024 £830,562) of which £837,137 (2024 £875,975) was restricted. Unrestricted funds showed a deficit of £17,133 (2024 deficit of £45,413).

Deficit

The deficit on unrestricted funds was planned and results from the costs of the most recent Fellowship. The lack of activity since the end of the Fellowship and the exhibition referred to above, will reduce the deficit and gradually recover it.

In addition the Charity Commission’s post balance sheet decision to make the Endowment expendable will allow the Trustees to make transfers from the Endowment to remove any remaining deficit.

As stated above, the Trustees will work with stakeholders to develop an initial three year strategy to determine how much funding will be offered to the University and what sort of activities will be supported. The aim is that any reduction in the total value of the reserves will be gradual, so that the Trust can continue in existence for many years to come.

Investment markets remain volatile and the year to 5 April 2025 saw the value of the Endowment Fund fall to £837,137 from £875,975. Investment income is slowly recovering from the impact of the pandemic and the war in Ukraine, showing a small increase to £26,016 in 2024/25 from £24,008 in 2023/24.

Page 3

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Structure, governance and management

Constitution

The Norma Lipman Memorial Trust is constituted under the Will of the late Dr Cyril Lipman and is registered as a charity under the number 1088499.

The Trust was established to provide the income from the Endowment Fund to Newcastle University for the purpose of founding fellowships and furthering the academic development of ceramics within the Fine Art section of the School of Arts and Cultures at Newcastle University.

As noted above, as of June 2025 the Trust’s charitable objects have been broadened to the academic development of ceramics with less emphasis on funding fellowships as the primary aim. As of June 2025 the Endowment is now expendable and the Trustees can spend capital as well as income to fund activities.

Methods of appointment or election of Trustees

The management of the Trust is the responsibility of the Trustees who are elected to serve.

Plans for future periods

As of June 2025 the Trustees have greater freedom to fund a range of activities which further the academic development of ceramics as well as the freedom to spend the Endowment. It had been clear for a long time that the income generated was insufficient to support the level and types of activity envisaged in the original Will.

The Trustees will therefore work with stakeholders to come up with a plan to make this operational. They aim to develop an agreed development plan for the next three years, which will set out the levels of funding available (income and some capital) and the type of activities the Trust is prepared to support. After three years the plan will be reviewed and a new three year plan established. The aim is to provide the Trustees and the Trust’s stakeholders with a clear framework. Although the Endowment can now be spent, the Trustees plan to do this in a gradual manner, so that the Trust can continue in existence for many years to come, whilst responding to the changes in the environment and demands to fund different types of activity. However, the Trust will remain focused on the academic development of ceramics in a fine art context and the commemoration of the life of Norma Lipman, honouring the spirit of the Will.

Page 4

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Will. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 11 November 2025 and signed on their behalf by:

Professor Simon David Pallett

Page 5

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025

Independent examiner's report to the Trustees of The Norma Lipman Memorial Trust ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2025.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is to drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 11 November 2025[Anderson] Detlev Anderson |[Dutlen] DocuSigned by: FCA 8228AFA7794A4DC... Kinnair Associates Limited Chartered Accountants Aston House Redburn Road Newcastle upon Tyne NE5 1NB

Page 6

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

Note
Income and endowments from:
Investments
3
Total income and endowments
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net income/(expenditure) before net
(losses)/gains on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
26,016
26,016
-
16,501
16,501
9,515
-
9,515
(45,413)
9,515
(35,898)		 Endowment
funds
2025
£
-
-
8,318
-
8,318
(8,318)
(30,520)
(38,838)
875,975
(38,838)
837,137		 Total
funds
2025
£
26,016
26,016
8,318
16,501
24,819
1,197
(30,520)
(29,323)
830,562
(29,323)
801,239		 Total
funds
2024
£
24,006
24,006
7,780
42,713
50,493
(26,487)
57,743
31,256
799,306
31,256
830,562

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 9 to 17 form part of these financial statements.

Page 7

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

BALANCE SHEET AS AT 5 APRIL 2025

2025 2025 2024 2024
Note £ £
Fixed assets
Investments 10 812,671 851,379
812,671 851,379
Current assets
Debtors 11 34,019 28,034
34,019 28,034
Current liabilities
Creditors: amounts falling due within one
year 12 (45,451) (48,851)
Net current liabilities (11,432) (20,817)
Total assets less current liabilities 801,239 830,562
Total net assets 801,239 830,562
Charity funds
Endowment funds 14 837,137 875,975
Unrestricted funds 14 (35,898) (45,413)
Total funds 801,239 830,562

The financial statements were approved and authorised for issue by the Trustees on 11 November 2025 and signed on their behalf by:

Professor Simon David Pallett

The notes on pages 9 to 17 form part of these financial statements.

Page 8

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. General information

The Norma Lipman Memorial Trust is an unincorporated charitable trust registered in England, charity number 1088499. The principal office is Newcastle University, Newcastle upon Tyne, NE1 7RU.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Norma Lipman Memorial Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in pounds Sterling and rounded to the nearest pound.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Page 9

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2. Accounting policies (continued)

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.6 Debtors

Debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Liabilities and provisions

Liabilities 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.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.8 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the endowment fund.

Page 10

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

3. Investment income

Unrestricted
funds
2025
£
Investment income - listed investments
25,885
Investment income - interest received
131
26,016
Unrestricted
funds
2024
£
Investment income - listed investments
23,612
Investment income - interest received
394
24,006		 Total
funds
2025
£
25,885
131
26,016
Total
funds
2024
£
23,612
394
24,006

4. Investment management costs

Expenditure on investment management
Expenditure on investment management		 Endowment
funds
2025
£
8,318
Endowment
funds
2024
£
7,780		 Total
funds
2025
£
8,318
Total
funds
2024
£
7,780

Page 11

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

5. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Charitable activities
16,501
Unrestricted
funds
2024
£
Charitable activities
42,713		 Total
2025
£
16,501
Total
2024
£
42,713

6. Analysis of expenditure by activities

Charitable activities
Charitable activities		 Grant
funding of
activities
2025
£
15,234
Grant
funding of
activities
2024
£
41,479		 Support
costs
2025
£
1,267
Support
costs
2024
£
1,234		 Total
funds
2025
£
16,501
Total
funds
2024
£
42,713

Page 12

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Governance costs
Governance costs
Analysis of grants
Paid to Newcastle University on behalf of the Trustees
Paid to Newcastle University on behalf of the trustees		 Activities
2025
£
1,267
Activities
2024
£
1,234
Grants to
Institutions
2025
£
15,234
Grants to
Institutions
2024
£
41,479		 Total
funds
2025
£
1,267
Total
funds
2024
£
1,234
Total
funds
2025
£
15,234
Total
funds
2024
£
41,479

7. Analysis of grants

Page 13

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

8. Independent examiner's remuneration

2025 2024
£ £
Fees payable to the charity's independent examiner for the preparation and
independent examination of the charity's annual accounts 1,290 1,246

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL) .

10. Fixed asset investments

Cost or valuation
At 6 April 2024
Additions
Disposals
Revaluations
At 5 April 2025
Net book value
At 5 April 2025
At 5 April 2024		 Listed
investments
£
844,931
107,233
(113,135)
(30,520)
808,509
808,509
844,931		 Cash held
for
investment
£
6,448
-
(2,286)
-
4,162
4,162
6,448		 Total
£
851,379
107,233
(115,421)
(30,520)
812,671
812,671
851,379

Page 14

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

11. Debtors

Due within one year
Amount due from unrestricted fund
Prepayments and accrued income		 2025
£
24,596
9,423
34,019		 2024
£
24,596
3,438
28,034

12. Creditors: Amounts falling due within one year

Due to Newcastle University
Amount due to endowment fund
Accruals and deferred income		 2025
£
19,565
24,596
1,290
45,451		 2024
£
23,019
24,596
1,236
48,851

13. Financial instruments

2025 2024
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 812,672 851,379

Financial assets measured at fair value through income and expenditure comprise investments stated at market value.

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Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

14. Statement of funds

Statement of funds - current year

Balance at 6
April 2024
£
Unrestricted funds
General Funds
(45,413)
Endowment funds
Endowment Funds
875,975
Total of funds
830,562
Statement of funds - prior year
Balance at
6 April 2023
£
Unrestricted funds
General Funds
(26,706)
Endowment funds
Endowment Funds
826,012
Total of funds
799,306		 Income
£
Expenditure
£
26,016
(16,501)
-
(8,318)
26,016
(24,819)
Income
£
Expenditure
£
24,006
(42,713)
-
(7,780)
24,006
(50,493)		 Gains/
(Losses)
£
Balance at 5
April 2025
£
-
(35,898)
(30,520)
837,137
(30,520)
801,239
Gains/
(Losses)
£
Balance at
5 April 2024
£
-
(45,413)
57,743
875,975
57,743
830,562
Unrestricted funds
General Funds
Endowment funds
Endowment Funds
Total of funds

Page 16

Docusign Envelope ID: 63B79769-E1BA-43FE-ADF6-A4A1A2425EFD

THE NORMA LIPMAN MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Fixed asset investments
-
Current assets
9,423
Creditors due within one year
(45,321)
Total
(35,898)		 Endowment
funds
2025
£
812,671
24,596
(130)
837,137		 Total
funds
2025
£
812,671
34,019
(45,451)
801,239

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
-
3,438
(48,851)
(45,413)		 Endowment
funds
2024
£
851,379
24,596
-
875,975		 Total
funds
2024
£
851,379
28,034
(48,851)
830,562

16. Related party transactions

There are no related party transactions in the period of review that require disclosure in these financial statements.

Page 17