.
Charity number 1114766
THE NORTON-FREEMAN CHARITABLE TRUST
|
|
5 APRIL 2025
|
NORTON-FREEMAN CHARITABLE TRUST
,
YEAR ENDED 5 APRIL 2025
INDEX TO ACCOUNTS
|
Page No
‘
-
1 Legal and administrative details 2 Independent Examiner's Report 3 Statement of Trustees Responsibilities 4 Report of the Trustees 5 . Income and Expenditure Account 6 Balance Sheet |
-
7 Cashflow
----- Start of picture text -----
)
----- End of picture text -----
----- Start of picture text -----
|
----- End of picture text -----
, 8-12 — Notes to the Accounts
NORTON-FREEMAN CHARITABLE TRUST
YEAR ENDED 5 APRIL 2025
)
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 property paid or transferred by any person or persons to or so as to be under the control of and accepted by the Trustees as additions.
,
Charitable objectives
,
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 to:
-
e The relief of financial need and suffering among victimsof natural or other kinds of disaster.
-
e The advancement of medical research into the treatment and care of persons suffering from mental or physical illness of any description.
-
e 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 teaching.
-
The charity is registered with the Charity Commission for England & Wales. The registration number of the charity is 1114766.
;
4
)
Independent Examiner’s Report to the TRUSTEES OF THE NORTON-FREEMAN CHARITABLE TRUST
| report on the accounts of the Trust for the year ended 5 April 2025, which are set out on pages 5 to 11.
Respective Responsibilities of Trustees and Examiner
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:-
- i examine the accounts under section 145 of the 2011 Act; ii to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
|
- iti to state whether particular matters have come to my attention.
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 with those records. It also 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 evidence 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:
|
-
1 which gives me reasonable cause to believe that, in any material respect, the requirements:
-
i to keep accounting records in accordance with section 130 of the 2011 Act; and
-
, ii to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act;
have not been met;
or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Sara HorburyGorg bk lod. 6 Leadhall Way, Harrogate
5 February 2026
2
NORTON-FREEMAN CHARITABLE TRUST
YEAR ENDED 5 APRIL 2025
Trustees’ Responsibilities in Relation to the Financial Statements
The Charity’s Trustees are responsible for preparing a Trustees’ annual report and 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 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 estimates that are reasonable and prudent;
-
° state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees 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 governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
3
.
'
NORTON-FREEMAN CHARITABLE TRUST
_
REPORT OF THE TRUSTEES
The Trustees report that the Financial Statements as at 5 April 2025 are in the format required by the Statement of Recommended Practice: Accounting by Charities (known as Charities SORP).
Objects of the Charity
These are set out on page 1 of these accounts under Legal and Administrative Details.
Management, Policies and Structures of the Charity
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
Review of the Financial Statements for the Year
The figures for the last two accounting years showa significant decrease in incoming resources to £75,608 (2024: £714,398) 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 were received in the year to 5 April 2025 and no further are expected 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 £65,000 to £114,000. These increased’ levels of donations were be made to reflect increased income.
Risk Management
;
The Trustees continue to assess the major risks to which the Charity is exposed, particularly the operations and finances of the Charity, to ensure its systems mitigate exposure to the major risks. :
Reserves Policy 7 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.
|
Public Benefit
The Trustees 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. ;
Fundraising
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 trustees have no plans to raise income from the public.
----- Start of picture text -----
A
t
----- End of picture text -----
On behalf of the Trustees 5 February 2026
.
NORTON-FREEMAN CHARITABLE TRUST
.
| INCOME AND EXPENDITURE ACCOUNT | INCOME AND EXPENDITURE ACCOUNT | FOR | THE | ||||
|---|---|---|---|---|---|---|---|
| YEAR ENDED 5 APRIL 2025 | |||||||
| Note | 2025 | 2024 | |||||
| £ | £ | £ | £ | ||||
| INCOMING RESOURCES | |||||||
| Incoming resources from generated | funds | ||||||
| Donations and gifts received | - | 657,838 | |||||
| Gift aid recovered | - | - | |||||
| ‘Investment income | |||||||
| Dividends & Interest received (net) | © | , | 75,608 | 56,560 | |||
| Total incoming resources | 75,608 | 714,398 | |||||
| RESOURCES EXPENDED | |||||||
| Costs ofgenerating funds | |||||||
| Accountancy charges | 6,000 | 810 | |||||
| Independent examination fees | 500 | 1,000 | |||||
| Legal and professional fees | 1,519 | 630 | |||||
| Stockbroker fees | 18,767 | 16,885 | |||||
| 26,786 | 19,325 | ||||||
| Charitable activities | |||||||
| Donations made | 114,000 | 65,000 | |||||
| Total resourcesexpended | 140,786 | 84,325 | |||||
| NET INCOMEAOUTGOING) RESOURCES | BEFORE | ||||||
| OTHER RECOGNISED GAINS & LOSSES | (65,178) | 630,073 | |||||
| Gains/(losses) on revaluation/disposal of | |||||||
| investments | 1 | (192,478) | 1,402 | ||||
| NET MOVEMENT IN FUNDS | (257,656) | 631,475 | |||||
| RECONCILIATION OF FUNDS | |||||||
| Total funds brought forward | 2,779,308 | 2,147,833 | |||||
| Net movement in funds | (257,656) | 631,475 | |||||
| Totalfundscarriedforward | 2,521,652 | 2,779,308 |
The notes on pages 8 to 12 form part of these accounts.
5
NORTON-FREEMAN CHARITABLE TRUST
----- Start of picture text -----
BALANCE SHEET AS AT 5 APRIL 2025 .
)
2025 2024
Notes £ £ £ £
FIXED ASSETS
Investments 1 2,472,695 2,442,638
CURRENT ASSETS
Stockbrokers’ Account 58,171 339,884
Cash at bank - -
58,171 339,884
CURRENT LIABILITIES
Accountancy 8,214 2,214
Independent examination fees 1,000 1,000
9,214 | 3,214
NET CURRENT ASSETS 48,957 336,670
NET ASSETS 2,521,652 2,779,308
RESERVES
General unrestricted fund , 2 2,521,652 2,779,308
TRUSTEES APPROVAL OF ACCOUNTS ACCOUNTS ,
In accordance with the engagement letter dated 14 July 2025, we approve the. financial
information which comprises the Income and Expenditure Account and and the Balance Sheet.
Dated
aid Horner ) ;
Trustee
Signed for and on behalf of the Trustees
----- End of picture text -----
TRUSTEES APPROVAL OF ACCOUNTS ACCOUNTS , In accordance with the engagement letter dated 14 July 2025, we approve the. financial information which comprises the Income and Expenditure Account and and the Balance Sheet.
The notes on pages 8 to 12 form part of these accounts.
;
6
|
]
.
NORTON-FREEMAN CHARITABLE TRUST
CASHFLOW STATEMENT AS AT 5 APRIL 2025
‘
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| NET CASH USED IN OPERATING | ||||||
| ACTIVITIES | 3 | (134,512) | (82,516) | |||
| ) | ||||||
| Cashflows from investing activities:- | ||||||
| Dividends and interest received | 75,608 | 56,560 | ||||
| Purchase ofinvestments | (268,335) | (432,550) | ||||
| Sales of investments | 45,526 | 108,400 | ||||
| NET CASH USED BY INVESTING | ||||||
| ACTIVITIES | . | (147,201) | : | (267,590) | ||
| Cashflows from financing activities:- Cash donations and bequests received |
- | 657 | 838 | ; | ||
| NET CASH PROVIDED BY | ||||||
| FINANCING ACTIVITIES | - | 657,838 | ||||
| Change in cash & cash equivalents | (281,713) | 307,732 | ||||
| Opening cash & cash equivalents | 339,884 | 32,152 | ||||
| CLOSING CASH & CASH | ||||||
| EQUIVALENTS | 58,171 | 339,884 |
.
The notes on pages 8 to 12 form part of these accounts.
;
7
; .
NORTON-FREEMAN CHARITABLE TRUST |
,
|
NOTES TO THE FINANCIAL STATEMENTS FOR THE
| NOTES | NOTES TO | THE FINANCIAL STATEMENTS | FOR THE | . | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| YEAR | YEAR ENDED 5 APRIL 2025 | |||||||||||||
| 4 | INVESTMENTS | |||||||||||||
| Market Value at 5 April 2024 |
Purchased Additions |
Gifted Additions |
Disposals | Realised profit/(loss) |
Unrealised profit/{loss) |
MarketValue at 5 April 2025 |
||||||||
| Holding | £ | £ | £ | £ | £ | £ | £ | |||||||
| 100,000 | UK Gov't bonds 4% 2031 | - | 100,785 | - | -- | - | 228 | 101,013 | ||||||
| 25,000 | BNY Mellon Inv Funds Newton Asian | Inc | - | 34,104 | -- | -- | -- | (924) | 33,180 | |||||
| 14,000 | Conbrio Fund ptnr | 42,591 | _ | -- | -- | -- | (1,546) | 41,045 | ||||||
| 1,000 | Fidelity | 16,274 | 12,135 | -- | -- | -- | (1,859) | 26,550 | ||||||
| 200 | Findlay Park American Fund | - | 34,049 | -- | -- | oo | (1,985) | 32,064 | ||||||
| 3,000 | FinsburyG&L Trust | 24,960 | -- | -- | -- | -- | 360 | 25,320 | ||||||
| First Sentier Stewart Investors Asian | ||||||||||||||
| 2,748 | Liontrust Fund Partners Euro | 28,005 | -- | -- | -- | -- | (1,226) | 26,779 | ||||||
| 5,000 | Fundsmith Emerging Equities Trust | : | 50 | -- | -- | (775) | 725 | -- | -- | |||||
| . | ||||||||||||||
| 50,714 | Fundsmith Equity |
322,097 | - | -- | soo | -- | (24,865) | |||||||
| 6,500 | Smithson Investment 1p Ord | 91,910 | - | -- | -- | -- | (4,940) | 86,970 | ||||||
| 6,000 | Thorpe (FW) 1p Ord | 28,950 | -- | -- | -- | -- | {7,200) | 21,750 | ||||||
| 1,000 | NestleSAOrd CHF0.10 | 81,676 | .. | . | Z | - | (512) | 81,164 | ||||||
| 1,500 | Reckitt Benckiser 10p Ord |
64,125 | -- | -- | -- | -- | 12,105 | 76,230 | ||||||
| 450 | Roche Holdings Genusscheine | 86,822 | -- | —— | -- | -- | 20,421 | 107,243 | ||||||
| ) | ||||||||||||||
| 7,000 | Jupiter UTM Asian income | 119,560 | -- | -- | -- | -- | (9,030) | 410,530 | ||||||
| Carried forward | 907,020 | 181,073 | - | (775) | 725 | (20,973) | 1,067,070 | |||||||
| , | ||||||||||||||
| , | ; |
YEAR ENDED 5 APRIL 2025
,
NORTON-FREEMAN CHARITABLE TRUST
| 1 | INVESTMENTS (cont'd) | INVESTMENTS (cont'd) | , | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Holding | MarketValue at5April2024 £ |
Purchased Additions £ |
Gifted Additions £ |
Disposals £ |
Realised profit/(loss) £ |
Unrealised profit/(loss) £ |
MarketValue at5April2025 £ |
||||||
| Brought forward | 907,020 | 181,073 | -- | (775) | 725 | (20,973) | 1,067,070 | ||||||
| 3,000 | Unilever 3 1/9p Ord | 115,110 | -- | - | -- | - | 25,710 | 140,820 | |||||
| 15,000 | Schroders20p Ord | 55,200 | — | -- | -- | -- | (8,400) | 46,800 | |||||
| 1,000 | Novartis AG Ord CHFO.50 | 75,646 | -- | -- | - | -- | 8,145 | 83,791 | |||||
| 15,000 | Legal and General 2.5p Ord | 37,665 | -- | -- | -- | -- | (4,290) | 33,375 | |||||
| 2,500 | GSKPle31.25p Ord | 40,738 | -- | -- | -- | -- | (5,300) | 35,438 | |||||
| 15,000 | BP 25c Ord | 75,915 | -- | -- | -- | - | (20,310) | 55,605 | |||||
| 2,000 | BHPGroup NPV | 45,700 | -- | -- | -- | -- | ~ | (12,670) | 33,030 | ||||
| 1,500 | Rio Tinto 10p Ord | 74,618 | -- | -- | -- | -- | (11,033) | 63,585 | |||||
| 2,500 | Nichols 10p Ord | 24,500 | -- | -- | -- | -- | 4,250 | 28,750 | |||||
| 5,000 | Smith&Nephew20¢Ord | 19,496 | — | 30,010 | -- | -- | -- | 2,019 | 51,525 | ||||
| 3,000 | Fevertree Drinks 0.25p Ord | 33,030 | -- | -- | -- | -- | (10,560) | 22,470 | |||||
| 15,000 | James Halstead 5pOrd | 20,200 | 9,866 | -- | - | -- | (9,966) | 20,100 | |||||
| 20,000 | Dynamic | 76,400 | -- | -- | -- | -- | (7,774) | 68,626 | |||||
| 400 | Pernod Ricard 1.55 EUR | . - |
47,386 | os | -- | ~ | (17,307) | 30,079 | |||||
| 300 | Pictet Asset Management Family | 43,695 - | -- | -- | -- | -- | (2,073) | ||||||
| 14,230 | Premier Portfolio PM UK Multi Cap | 24,562 | -- | -- | -- | -- | (939) | 23,623 | |||||
| . | |||||||||||||
| Carried forward . |
1,669,495 | 268,335 | -- | (775) | 725 | (91,471) | 1,846,309 |
----- Start of picture text -----
.
----- End of picture text -----
9
NORTON-FREEMAN CHARITABLE TRUST
| 1 | INVESTMENTS (cont'd) Holding |
INVESTMENTS (cont'd) Holding |
MarketValue at5April2024 £ |
Purchased Additions £ |
Gifted Additions £ |
Disposals £ |
Realised profit/(loss) £ |
Unrealised profit(loss) £ |
Market Value at5April2025 £ |
||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Broughtforward | 1,669,495 | -- | -- | (775) | 725 | (91,471) | 1,846,309 | ||||
| ” | . | ||||||||||
| 20,000 | Unicorn Asset Management UK Inc | 47,245 | -- | -- | (44,751) | (2,494) | -- | - | |||
| 6,000 | Barr (AG) 4.167p Ord | 35,100 | -- | - | - | -- | 3,240 | 38,340 | |||
| 3,500 | BurberryGroup0.05p Ord | 40,583 | -- | -- | -- | -- | (17,455) | 23,128 | |||
| 3,590 | Diageo 28 101/108p Ord | 99,733 | -- | -- | - | -- | (29,313) | 70,420 | |||
| . | 300 | Heineken NV Euro 1.6 Ord | 22,415 | -- | -- | -- | -- | (3,728) | 18,687 | ||
| 3,500 | HSBC Holdings 50c Ord | 22,449 | -- | _- | -- | -- | 4,151 | 26,600 | |||
| 500 | Kone Corporation NPV B Ord | 18,413 | -- | -- | -- | -- | 2,403 | 20,816 | |||
| 100 | L'Oreal Euro 0.20 Ord | 35,395 | -- | - | —- | -— | (5,702) | 29,693 | |||
| 10,000 | Marks & Spencer Group 1p Ord | 26,120 | -- | -- | -- | -- | 10,190 | 36,310 | |||
| 4,062 | Natwest Group £1.07 Ord | 11,309 | -- | -- | -- | -- | 5,483 | 16,792 | . | ||
| 1,000 | Novo-Nordisk DKK 0.2 B | 99,744 | -- | -- | -- | — | (50,615) | 49,129 | |||
| 2,500 | Prudential 5p Ord | 17,940 | -- | -- | - | _ | 730 | 18,670 | |||
| 1,000 | RELX 14.44p Ord | 33,180 | -- | _ | -- | -- | 4,980 | 38,160 | |||
| . | |||||||||||
| 8,450 | Shell Euro 0.07 Ord | 234,910 | -- | _ | -- | — | (25,223) | 209,687 | |||
| 933 | Smiths Group 37.5p Ord | 14,891 | -- | -- | -- | -- | 1,707 | 16,598 | |||
| 20,000 | Vodafone 20.95c Ord | 13,716 | -- | -- | -- | -- | (360) | 13,356 | |||
| 2,442,638 | 268,335 | - | (45,526) | (1,769) | (190,983) | 2,472,695 |
;
10
; ,
NORTON-FREEMAN CHARITABLE TRUST
,
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 (cont'd)
| 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||
| 2 | GENERAL UNRESTRICTED FUND | |||||||
| At6 April 2024 | 2,779,308 | 2,147,833 | ||||||
| Net incoming resources before other recognised gains & | ||||||||
| losses , |
(65,178) | 630,073 | ||||||
| Gains/(losses)on revaluation/disposal ofinvestments | (192,478) | 1,402 | ||||||
| At 5 April 2025 | 2,521,652 | . | 2,779,308 | |||||
| ) | ||||||||
| 2025 | 2024 | |||||||
| £ | £ | |||||||
| 3 | RECONCILIATION OF NET MOVEMENT IN FUNDS | TO | ||||||
| NET CASHFLOW FROM OPERATING ACTIVITIES | ||||||||
| Net movement in funds | (257,656) | 631,475 | ||||||
| Unrealised (gain)/losses on investments | 190,983 | 6,326 | ||||||
| Dividends & interest from investments | (75,608) | (56,560) | ||||||
| Realised (profits)/losses on sale of investments | 1,769 | (7,728) | ||||||
| Donations & bequests | - | (657,838) | ||||||
| Increase/(decrease) in creditors | _ | 6,000 | 1,809 | |||||
| NET CASH PROVIDED BY/(USED IN) | OPERATING | |||||||
| _ | ACTIVITIES | (134,512) | (82,516) |
4 TRUSTEES’ REMUNERATION
Lithgow Perkins LLP, a firm of chartered accountants of which Robert Horner is a partner, prepare the annual accounts. An invoice was raised during the year for a fee of £5,710 plus VAT for 3 years’ accounts and other work in March 2025, which was paid after the year end. Also, fees have been reserved for further work and the preparation of these account totalling £5,000 plus VAT.
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 £18,767 were paid for investment management during the year. ;
14
'