Charlty number 1114766 THE NORTON-FREEMAN CHARITABLE TRUST 6 APRIL 2023
NORTON-FREEMAN CHARITABLE TRUST YEAR ENDED 5 APRIL 2023 INDEX TO ACCOUNTS Page No Legal and administrative details Independent Examinerfs Report Statement of Trustees Responsitslities Report of the Trustees Income arKI Expenditure Account Balance Sheet 7- 11 Notes to Ihe Accounts
NORTON-FREEMAN CHARITABLE TRUST YEAR ENDED 5 APRIL 2023 LEGAL AND ADMINISTRATIVE DETAILS Trustees Robert David Ash (died 19 September 20231 Sally Freeman (died 8 August 2021) Jane Freeman Duncan Charles Williams {appoinled 17 November 2023) Robert James Horner (appointed 17 November 2023) The settlement was created by the deed daled 28 April 2006. The trust fund consists of all money, investments or other property paid or transferred by any person or persons to or so as lo be under the control of and accepted by the Trustees as additior)s. Charitable objectlves The Trustees shall hold the capital and income for such one or more charities or charitable institutions or for such purpose or purposes that are exclusively charitable according to the law in England and Walès in such proportions or shares as they shall think fit including bul not limited lo.. The relief of financial need and suffering among victims of natural or olher kinds of disaster. The advancement of medical research into Ihe treatment and care of persons suffering from mental or physical illness of any description. The advancement of the Christian religion in accordance with the Proleslanl doctrine, by the provision of funds for the maintenance of Protestant cathedrals or churche5 to improve facilities to provide religious teaching. The charity is registered with the Charity Commission for England & Wales. The registration numbèr of the charity is 1114766. Exemptlon Irom audlt Thè Charity Commission has granted the charity an exemption from audit for the year lo 5 April 2023 due lo the exceptional nature of the charity's income for the year caused by a large legacy.
Independent Examlner'5 Report to the TRUSTEES OF THE NORTON-FREEMAN CHRITABLE TRUST I report on the accounts of the Trust for the year ended 5 April 2023, which are set out on pages 71014. Respective Responsibllltles of Trustees and Examiner The Charity's Trustees are responsible for the preparation of the accounts. the Chanty's Truslees consider that an audil is not required for this year under section 144121 of the Charities Acl 2011 (the 2011 Acll and that an independent èxaminalion is needed. 11 is my responsibility to'.- examine the accounts under section 145 of the 2011 Act., to follow the procedures laid down in the General Directions given by the Charity Commission under section 14515llb) of the 2011 Act.. and to stale whether particular matters have come lo my attentlon. Basis of Independent Examiner's Report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented wilh those r8cords. 11 al30 includes consideration of any unusual items or disclosur85 In the accounts, and the seeking of explanations from you as Trustees conceming any such matters. The procedures undertak8n do not provide all the evidence Ihal would be requlred In an audit and, consequently no opinion is given as to whether the accounts present a 'lrue and fair view, and the report is limited lo those matters s81 out in the slalemenl below. Indepèndent Examlner's Statement In connection with my examination. no matter has come lo my attention.. which gives me reasonable cause to belleve that, in any material respect, the requirements.. to keep accounting records in accordance wilh section 130 of the 2011 Act.. and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act., have not been mel., or lo which. in my opinion, attention should be drawn in order to enable a proper understanding of the a¢¢ounts to be reached. L klofv Sara Horbury 6 Leadhall Way, Harrogate 19 December 2024
NORTON-FREEMAN CHARITABLE TRUST YEAR ENDED 5 APRIL 2023 Trustees, Responsibilities in Relatlon to the Financial Statsments The Charity's Trustees are responsible for preparing a Trustees. annual report 8nd financial staternenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pracllce}. The law applicable to charities in England and Wales requires the Charity Trustees lo prepare financial statements for each year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, of the Charity for that period. In preparing the financial statements, the Truslees are required to.. select suitable accounting policies 8nd then apply them consistenlly., observe the methods and principles In the applicable Charities SORP., make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Charily will continue in busine5S. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and lo enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charlty and taking reasonable steps for the prevention and dele¢tion of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financlal information included on the Charity's website. Legi51alion in the United Kingdom governlng the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
NORTON-FREEMAN CHARITABLE TRUST REPORT OF THE TRUSTEES The Trustees report that the Financial Statements as at 5 April 2024 are in the formal required by the Ststement of Recommended Practice.. Accounting by Chartlies (known as Charities SORPI. Objects of the Charlty These are set out on page 3 of these accounts under Legal and Administrative Details. ManagemenL Pollcles and Structures of the Charity The Charity is managed by the Trustees who meel as and when reqUId and annually lo consider donations for Ihe year. Trustee5 in Offi during the year were as follows'.- Miss Jane Freeman Mr Robert Ash (died 19 September 20231 Mr Duncan Williams (appointed 14 NOvber 2023) Mr Robert Horner {appoinled 14 November 20231 Review of the Flnanclal Stalements for the Year The figures for the year show a significant increase in incoming resources of £2,023,072 for the year which were due to the generosity of Salty Freeman who left the bulk of her estate to the charity. A further receipl is expected in the year lo 5 April 2024. Due to increased funds investment income increased significantly and is expected to increase further in future years as the funds from Sally Freeman's estate are fully invested Donations also increased in the year from £35,000 10 £SS.000 and it 18 anticipated that ir)creased levels of donations will be made to rellecl increased incorre. Rlsk Management The Trustees continue lo assess the major risks to which the Charity is exposed, particularly the operations and finances of the Charity, lo ensure ils systems mitKJale exposure to the major risks. Re$epie8 Pollcy The Trustees are of the opinion that the Charity's reserves should be of a magnitude to generate income through investments, ignoring the benefit of any future legacies, which would enable il to meet current levels of donations The Twstees consider. therefore, that the reserves are adequate lo enable Ihe Charity to meet its obj'ects set out in the constitution for many years to ome. Publlc Benefit The Trustees confim that they have complied with their duty to have due regard to the Charity Commission's guidance on public benefit when exercising their powers or dulles. Exemptlon from audit The Charity Commission has granted the charity an.exemption from audit for the year to 5 April 2023 due lo Ihe exceptional nature of the Charity's income for the year caused by legacy received from Sally Freeman. rt Homer ehalf of the Trustees 19 December 2024
NORTON-FREEMAN CHARITABLE TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 Note 2023 2022 INCOMING RESOURCES Incoming resources from geneIed funds Donations and gifts received Gifl aid recovered Investment income Dividends received (net) 2,023,072 11.467 26.235 1,332 Total incoming resources 2,049,307 12.799 RESOURCES EXPENDED Costs ofg8n8raling lunds Accountancy charges Bank charges Slo¢kbroker fees 720 10,294 1,511 11,014 2,195 Charitable activit18S Donations made 35,000 Total resour$ expended 66,014 37,195 NET INCOMEI(OUTGOING} RESOURCES BEFORE OTHER RECOGNISED GAINS & LOSSES Gainslllosses) on revalualionldisposal of investments 1,963,293 124.3961 37 862 NET MOVEMENT IN FUNDS 2,021,155 122.4821 RECONCILIATION OF FUNDS Total funds brought forwaid Net movement in funds 126.678 2 021.155 149.140 22,462 Total funds carried forward 2,147,833 128.678 The notes on pages 7 to 11 form part ofthese accounts.
NORTON-FREEMAN CHARITABLE TRUST BALANCE SHEET AS AT S APRIL 2023 Notes FIXED ASSETS Investmenls 2.117.086 116,257 CURRENT ASSETS Stockbrokers, Account Cash al bank 32.152 10,705 800 32.152 11.505 CURRENT LIABILITIES Accountancy Stockbroker fees 1.405 400 NET CURRENT ASSETS 30.747 10421 NET ASSETS 2.147,833 126.678 RESERVES General unrestricted fund 2,147,833 126.678 TRUSTEES APPROVAL OF ACCOUNTS In accordance wrth the engagement letter dated 4 December 2018, we approve the financial infomation which compnses the Incorne and Expendlture Account and the Balan Sheet. rt Horner ee Signed for and on behalf of the Trustees The notes on pages 7 to 11 form part of these accounts.
NORTON-FREEMAN CHARITABLE TRUST NOTES TO THE FINANCEAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 INVESTMENTS Holding Market Value at 5 April 2022 Purchased Additions Gifted Additions Disposals Realised Unrealised Profitl(Loss) ProfiV{Loss) Market Value at 5 April 2023 BNY Mellon Inv Funds Newion Asia 8,113 inc 11,5f {811) 10,695 14,000 Conbrio Fund ptnr 13.483 40.730 (14,223) 39,990 580 Fidelity 13.057 1.345 14,402 3.000 Finsbury G&L Trust 8.390 18,390 130 26,910 5,000 Fundsmith Emerging Equities Trust 11.900 163 57.376 62.000 6.199 {620) 620 50,714 Fundsmith Equity I 33.276 262,800 {8,992) 287.084 6,500 Smilhson Investment 1 p Ord 24.645 94.050 {30,685) 88,010 6,000 Thorpe {FW 1p Ord Nestle SA Ord 1,OW CHFO.10 Reckitt Benckiser 10p 1,500 Ord 12,886 12.780 13,406) 22,260 24,819 66,750 8,609 100,178 29.175 56.195 9.670 95.040 350 Roche Holdings Genusscheine Jupiter UTM Asian 10,000 income 25.602 69,629 112,1741 83,057 16.543 (8321 15.711 2,500 Unilever 3 119p Ord 21.164 81,835 4,214 107.213 10.000 Schroders 20p Ord 24.006 26.175 (5.5311 44,650 Carried forward 116.257 154.358 786.710 62.000 6.199 153.306> 935,820
NORTON-FREEMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 INVESTMENTS (cont'd) Market Value at 5 April 2022 116,257 Purchased Additions 154,358 Gifted Additions Disposals 786,710 62,000 Realised Unrealised ProfiV(Loss) Profitl(Loss) 6.199 (53,306) Market Value at 5 April 2023 935,820 Holding rought forward Novartis AG Ord 500 CHFO.50 13.936 19.751 4,586 38,273 15.000 Legal and General 2.5p Ord 13.455 27.635 (5,870) 35,220 2,500 GSK PIC 31.25p Ord BP 25c 15,000 Ord 6.418 29.988 774 37,180 14.143 38,428 27.484 80,055 2,000 8HP Group NPV 12.429 30.675 5.146 48,250 1,000 Rio Tinto 1 Op Ord 57.533 (4.703} 52,830 2.500 Nichols 10p Ord Smith & Nephew 20c 2,000 Ord 10.891 21.563 (4,766) 27,688 11.935 13,757 (3.132) 22,560 1,500 Fevertree Drinks 0.25p Ord James Ha15tead Sp 10,000 Ord 14,198 4.789 (237) 18,750 13.216 8.445 {2,986) 18,675 1,525 Fidelity Funds America First Sentier Stewart Investors 2,748 Asian Liontnist fund Partners Euro 9,264 Dynamic 93.069 (10.566) 82,503 28,224 (1.467) 26.757 28.028 2.530 30.558 300 Pictet Asset Management Family I 46,894 9,364) 37,530 14,230 Premier Portfolio PM UK Multi Cap 32.830 {7,(K)11 25,829 Carried forward 116.257 322.512 1,210.786 62.000 6,199 {62,878) 1,518,478
NORTON-FREEMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 INVESTMENTS Icont'd) Market Value at 5 April 2022 116,257 Purchased Additions 322,512 Gifted Additions 1,210,786 Realised Unrealised ProfiUILoss) ProfiUILossl 6.199 {62.8781 Market Value at 5 April 2023 1.518,478 Holding Disposals 62,OQO 8roughtforward Unicorn Asset Management UK 8.000 Income 22,085 {4,034) 18,051 2.500 Barr IAGI 4.167p Ord Burberry Group O.0Sp 500 Ord Oiageo 28 1011108p 2,500 Ord 13,963 (1.525) 12,438 10,833 1,592 12,425 89,694 2,031 91,725 300 Heineken NV Euro 1.6 OTd HSBC Holdings SOC 3,500 Ord 23.917 2,796 26,713 14,344 5,053 19,397 500 Kone Corporation NPV B Ord 29,879 {9,349} 20,530 100 L'oreal Euro 0.20 Ord 33,844 3,290 37,134 10,000 Marks & Spencer Group 1p Ord Naest Group £1.07 4,062 Ord Novo-Nordisk DKK 0.2 500 8 13,993 2.377 16,370 9,435 1.220 10,655 35,746 27.519 63,265 500 Prudential 5p Ord 7,131 (1,616) 5,515 1.000 RELX 14.44p Ord 21,315 4,935 26,250 8,450 Shell Euro 0.07 Ord Smiths Group 37.5p 933 Ord 123,953 75,721 199,674 13.685 1,863 15,548 Carried forward 116.257 322,512 1,674,603 (62,000) (6,199) 48,995 2,094,168
NORTON-FREEMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 INVESTMENTS {confd) Market Value at 5 April 2022 116.257 Purchased Additions 322.512 Gifted Additions Disposals 1,674.603 162.000) Realised Unrealised ProfiV{Loss) ProfiVILoss) 16,199) 48,995 Markel Value at 5 April 2023 2,094,168 Holding Brought forward 20,000 Vodafone 20.95c Ord 23.730 {5,840) 17,890 275 Woixlside Energy Group NPV Ord 4.121 906 5,027 2.580 Haleon 1p Ord 6.976 (6.976) 683 Provident Financial 1.291 {1.291) 500 IHG 20 3401399 Ord 27,933 27.933 116,257 322.514 1.738,654 (98.200) (6,199) 44,061 2.117.085
NORTON-FREEMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 (confd) 2023 2022 GENERAL UNRESTRICTED FUND At 6 April 2022 126.678 149,140 Net incoming resources before other recognised gains & losses 1.983,293 124,396) Gainslllosses) on revaluationldisposal of inve5trnents 37.862 1,934 At 5 April 2023 2,147,833 126.678 TRUSTEES, REMUNERATION Lithgow Perkins LLP, a firm of chartered accountants of which Robert Homer is a partner, prepare the annual accounts. A fee of £570 plus VAT was invoiced for accounts preparation during the year. Iliams Investment Management LLP. a firm of inveslment manager5 of which Duncan Williams is a partner. manage the investments of the charity. Total fees of £10,294 were paid for inve51ment management during the year. Rotert Ash was also a partnef of this firm.