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 reqUI￿d 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 NOv￿ber 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 gene￿Ied 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
Na￿est 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.