Char5ty number 1114766 THE NORTON-FREEMAN CHARITABLE TRUST 6 APRIL 2024
NORTON-FREEMAN CHARITABLE TRUST YEAR ENDED 5 APRIL 2024 INDEX TO ACCOUNTS Page No Legal and administrative details Independent Examinerfs Report Statement of Trustees Responsibilities Report of the Trustees Income and Expendlture Account Balance Sheet Ca8hflow 8-12 Notes to the Accounts
NORTON-FREEMAN CHARITABLE TRUST YEAR ENDED 5 APRIL 2024 LEGAL AND ADMINISTRATIVE DETAILS Trustees Jane Freeman Duncan Charles Williams Robert James Horner The settlement was created by the deed dated 28 April 2006. The trust fund consists of all money, investments or other propety paid or transferred by any person or persons to or so as to be under the control of and accepted by the Trustees as addÉtions. Charltable 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 Wales in such proportions or shares as they shall think fit including but not limited The relief of financlal need and sufferlng among victims of natural or other kinds of disaster. The advancement of medical research into the treatment and care of persons suffering from mental or physical illness of any description. The advancement of the Christian religion in accordance with the Protestant doctrine, by the provision of funds for the maintenance of Protestant cathedrals or churches to improve facilities to provide religious leaching. The charity is registered with the Charity Commission for England & Wales. The registration number of the charity is 1114766,
Independent Examiner's Report to the TRUSTEES OF THE NORTON-FREEMAN CHARITABLE TRUST I report on the accounts of the Trust for the year ended 5 April 2024, which are set out on pages 7t014. Respective Responslbllltles of Trustees and Examlner The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to:_ examine the accounts under section 145 of the 2011 Act; to follow the procedures laid down in the General 01ctiOnS given by the Charty Commission under section 145(5>(b) of the 2011 Act., and to state whether particular matters have come to my attention. Basis of Independent Examlner'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 with those records. It a150 includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the eviden that would be required in an audit and. consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below, Independent Examiner's Statement In connection with my examination, no matter has come to my attention.. which gives me reasonable cause to believe that, in any material respect, the requirements., to keep accounting records in accordance with section 130 of the 2011 Act. and to prepare accounts which accord with the accountlng records and to comply with the accounting requirements of the 2011 Act. have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. L14od?L>r Sara Horbury 6 Leadhall Way, Harrogate 14 July 2025
NORTON-FREEMAN CHARITABLE TRUST YEAR ENDED 5 APRIL 2024 Trustees, Responslbilities in Relatlon to the Financlal Statements The Charity's Trustees are responsible for preparing a Trustees, annual report and financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Charity Trustees to 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 Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP; make Judgements and estlmates that are reasonable and prudent. stste whether applicable accounting stsndards have been followed, subject to any material departures disclosed and explained In the financial staternents; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trust*s are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to 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 Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity's website. Legislation in the United Kingdom goveming 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 Ststements as at 5 April 2024 are in the format required by the Statement of Recommended Practice: Accounting by Charities (known as Charities SORP). Objects of the Charlty These are set out on page 1 of these accounts under Legal and Administrative Details. Management, Policies and Structures of the Charty The Charity is managed by the Trustees who meet as and when required and annually to consider donations for the year, Trustees in office during the year were as follows:_ Miss Jane Freeman Mr Duncan Williams Mr Robert Horner Revlew of the Flnanclal Statements for the Year The figures for last two accounting years show a significant increase In incoming resources of £714,398 (2023: £2,049,307) for the year compared to prior periods which were due to the generosity of Sally Freeman who left the bulk of her estate to the charity. No further significant receipts are expected in the year to 5 April 2025 and in future years. 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 £55,000 to £65,000 and it is anticipated that increased levels of donations will be made to reflect increased income. Rlsk Management The Trustees continue to assess the major risks to which the Charity is exposed, particularly the operations and fInanS of the Charity, to ensure its systems mitigate exposure to the major risks. Reserves 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 it to meet current levels of donations. The Trustees consider, therefore. that the reserves are adequate to enable the Charity to meet its objects set out in the constitution for many years to come. Publlc Beneflt The Trustee5 confirm 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 duties. Fundralslng The trustees have considered their responsibilities under the Charities (Protection and Social Investment) Act 2016. The charity does not fund raise from the general public. Its income for this year and previous year came exclusively from a donation of a former trustee and the investment income arising from the investment of that donation. The trustee5 have no plans to raise income from the public. rt Horner ehalf of the Trustees 14 July 2025
NORTON-FREEMAN CHARITABLE TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Note 2024 2023 INCOMING RESOURCES Incoming resources from geneted funds Donations and gifts received Gift aid recovered Investment income Dividends received (net) 657,838 2,023,072 Total incoming resources 714,398 2,049,307 RESOURCES EXPENDED Costs of generating funds Accountancy charges Independent examination fees Legal and professional fees Stockbroker fees 810 1,000 630 720 19,325 11,014 Charitable activities Donations made 55,000 Total resources expended 66,014 NET INCOMEI(OUTGOING) RESOURCES BEFORE OTHER RECOGNISED GAINS & LOSSES Gainsl{losses) on revaluationldisposal of investments 630,073 1,983,293 NET MOVEMENT IN FUNDS 631,475 2,021,155 RECONCILIATION OF FUNDS Total funds brought forward Net movement in funds 2,147,833 631475 126,678 2021 155 Totsl funds carried forward 2,779,308 2,147,833 The not8s on pages 8 to 12 fomi part of these accounts.
NORTON-FREEMAN CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes FIXED ASSETS Investments 2,442,638 2,117,086 CURRENT ASSETS stockbrokers, Account Cash at bank 339.884 32,152 339,884 32,152 CURRENT LIABILITIES Accountancy stockbroker fees 2,214 1,000 1,405 3,214 1,405 NET CURRENT ASSETS 336 670 NET ASSETS 2,779,308 2,147,833 RESERVES General unrestricted fund 2,779,308 2,147,833 TRUSTEES APPROVAL OF ACCOUNTS In accordance with the engagement letter dated 14 July 2025, we approve the financial information which comprises the Income and Expenditure Account and the Balance Sheet. Dated rt Horner tee Signed for and on behalf of the Trustees The notes on pages 8 to 12 fomi part of these accounts.
NORTON-FREEMAN CHARITABLE TRUST CASHFLOW STATEMENT AS AT 5 APRIL 2024 2024 2023 Notes CASH USED IN OPEFIATING ACTIVITIES (82,516) (65,693) Cashflows from investing activities: Dividends and interest received Purchase of investments Sales of investments 56,560 {432,550) 108,400 26,235 (322,513) 98,200 NET CASH USED BY INVESTING ACTIVITIES (267,590) (198,078) Cashtlows from financing activities: Cash donations and bequests received 657,838 284,418 NET CASH PROVIDED BY FINANCING ACTIVITIES 657,838 284,418 Change in cash & cash equivalents Opening cash & cash equivalents 307,732 20,647 11.505 CLOSING CASH & CASH EQUIVALENTS 339,884 32,152 The notes on pages 8 to 12 fomi part of these accounts.
NORTON-FREEMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (cont'd) 2024 2023 GENERAL UNRESTRICTED FUND At 6 April 2023 2,147,833 126,678 Net incoming resources before other recognised gains & losses 630,073 1,983,293 Gainsl(losses) on revaluationldisposal of Investments 1,402 37,862 At S Aprll 2024 2,779,308 2,147,833 2024 2023 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES Net movement in funds Unrealised {gain)Ilosses on Investments Dividends & interest from investments Realised (profits)Ilosses on sale of investments Donations & bequests Increasel(decrease) in creditors 631,475 2,021,155 6,326 (44,061) {56,560> (26,235) (7.728} 6,199 (657,838) (2,023,072) 321 NET CASH PROVIDED BYI(USED IN) OPERATING ACTIVITIES (82,516) (65,693) TRUSTEES, REMUNEFIATION Lithgow Perkins LLP, a flrm of chartered accountants of which Robert Horner is partner, prepare the annual accounts. No Invoices were raised during the year but a fee of £5,710 plus VAT was invold ft)r 3 years, accounts and other work in March 2025. Williams Investment Management LLP, a firm of investment managers of which Duncan Williams is a partner. manage the investments of the charity. Total fees of £16,885 were paid for investment management during the year. 12