NORWICH FREEMEN'S CHARITY (FORMERLY NORWICH TOWN CLOSE ESTATE CHARITY) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Reglstered Charlty No 1169460 Re8iStered Company No 09914994 NORWICH FREEMEN'S CHARITY CONTENTS INDEX PAGE Reference and Admlnlstratfve details Report of the Trustees (Includkng the Dlrectors. report) 3-15 Independent audttors re 1&19 Statement of Flnanclal ACtI￿les 20 Balance sheet 21 Statement of cash flows and Summary Income and expendlture account 22 Prlnclpal Accountlng Pollcles 23 Notes to the report and flnandal statements 2643 NORWICH FREEMEN'S CHARITY REFERENCE AND ADMINISTRATIVE DETAILS Forthe year ended 31 March 2025 The trustees, who are also the dlrectors for the purposes of company law, present thelr report and financlal statements of the charlty for the year ended 31 March 2025. The financlal statements have been prepared in accordance wlth the accountlnB pollcies set out In notes to the accounts and comply wlth the charlty's 8ovemln8 document, the Charltles Act 2011 and Companles Act 2006, and Reportlng by Charitles: Statement of Recommended Pract1￿ appllcable to charltles preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republk of Ireland publlshed In October 2019. Admlnlstratl¥e detalls Charity Name: Registered Charlty number: Reglstered Company number. Princlpal Office: Norwich Freemen's Charlty 1169460 09914994 I Woolgate Court, St 8enedlct's Street, Norwich, NR2 4AP Trustees The trustees, who are the dlfectors of the charltable company, that served throughout the year and to the date of approval, are listed below: Noml b the Common Hall Ll of the Cl of Norwlch Perlod of Office 5 years untll 13 January 2025, and a further 5 years untll 13 January 2030 or until an earller date In January 2030 whlch the Common Hall to be held In 2030 shall decide: Nlgel Back Cynthla Cooke Owen Glbbs Melanle Kent Stuart Lamb Jenny Plunkett Mlchael Qulnton John Rushmer (reslgned 31 March 20251 omlnated es of Norwlch Consoll rltles Mark Davles David Fullman John Paul Gatskle Jacqul Hanlon Kevln Ma8ulre Emmanuel Sheehan-Fllck Jeanne Southgate Boyd Taylor Untll 15 September 2025 Untll 19 October 2027 Untll 2 September 2027 Untll 25 November 2024 Untll 8 December 2027 From 9 Aprll 2025 untll 9 Aprll 2029 Untll 13 March 2026 Untll 9 December 2028 Key Management Personnel Chlef Executlve Offlcer Finance Dlrector Grants Manager Davld Hynes Becky Blrd Sandra McAfee NORWICH FREEMEN'S CHARITY REFERENCE AND ADMINISTrATIVE DETAILS For the year ended 31 March 2025 sors: Bankers: Bardays Bank PLC 3 St James Court Whltefrla No￿￿h, NR3 IRJ The Charlty Bank Llmlted Fosse House 182 Hl8h Street Tonbrld8e. TN9 18E Audltor: Lovewell Blake LLP Bank51de 300 Peachman Way Broadland Buslness Park NoNlch, NR7 OLB Sollcltor5: Cozens-Hardy LLP Castle Chambers Ople Street 14orwlch, NRI 3DP Anlhony Colllns 134 Edmund Street Blrn)In8ham B3 2ES Steward: N Saffell FRICS FAAV and N Hodge BSC (Hons) MRICS Brown & Co LLP The Atrlum, St Georges Street No￿￿h. NR3 IAB Investment advlsers: Sarasln & Partners LLP Juxon House 100 St Paul's Churchyard London. EC4M 8BU NORMCH FREEMÉN'S CHARITY REPORT OF THE TRUSTEES (INCLUDING THE DIREcfoRS' REPORT) For the year ended 31 March 2025 INCORPORATION The company was Incorporated on 14 December 2015 and Is Ilmfted by guarantee. The ￿MpanY has recelved approval from the Charities Comm1551on as a charftable company. reglstered number 1169460, on 3 October 2016. From l Aprll 2024 the actfvltles and operatlon of the unlncorporated charlty. NoThilch Freemen's Charlty. unincorporated charlty number 235678. were transferred to Norwlch Freemen's Charlty. company Ilmlted by guarantee. company no. 09914994 and charity no. 1169460. The assets and Ilabllltles were also transfLYred, wlth the exceptlon of assets to the value of the orlglnal gfft £8.806,000. The two entttles are now Ilnked under a Unltln8 Olrectlon Issued by the Charlty Commlsslon on 11 March 2025. wlth the company belng the reportlng charlty. Any references to 'CharW refer to the unlfied entitles of the unlncorporated charity and the companv. OBJEcfivES AND AcnvmES ur The 'obJects'. as stated In Ihe Memorandurn and Artlcles of Assoclatlon are: (A) half of the Companvs hKorne arKI property for the rellef of Freemen or thelr Dependant Relatlves who are In condltlons of need, hardshlp or dlstress by makln8 grants of money or provldlng or payln8 for Items, servkes or facllltles whlch are cakulated to reduce the need, hardshlp or dlstress of such persons and the payment of penslons to the above: and {B) half of the Companvs yearfy Income and property for the promotlon of educatlon of persons who are In need of flnanclal asslstance and who are Freemen or the Dependent Relatlves of Freemen by awardlng scholarshlps, bursaries and maintenance allowances or grants. In provldlng facllities not normalty provlded by the local educatlon authorlty for recreatlon and soclal and physlcal trainln for such persons recelvln8 prSmary. secondary or further educatlon and In asslstln8 such persons who are preparln8 for, enterln8 upon or en8a8ed In any professlon, trade, occupatlon or seThlce, by provldlng them wlth outffts, or by paylng fees, travelllng or malntenance expenses or by such other means for thelr advancement In Ilfe or to enable them to earn thelr lfvlng as the Dlrectors think fit; and (Cl If and to the extent thai the property and Income of the Company are noi requlred for the purposes set out In para8rWs 3(A) and 3IB) above:. the rellef of Inhabltants of ihe Area of Benefft who are in condltlons of need. hardshlp or dlstress by makln8 grants of money or provldln8 or payin8 for Items. setvlces orfacllttles whlch are cakulated io reduce the need, hardshlp ordlstress of such persons; the promotlon of educatkon of persons who are In need of financlal asslstance and who are inhabltants of the Area of Benefrt by awardlng scholarships. bursarles and malntenance allowances or grants, In provldlng fac511tles not nomialty provided by the local education authorlty for recreation and soclal and physlcal tralnlng for such persons recelvlng primary. secondary or fvrther education and In assistSn8 such persons who are preparfng for. enterln8 upon or en8a8ed in any professlon, trade, occupatlon or seNlce, by provldln8 them wlth oufflts, or by payln8 fees, travelllng or malntenance expense5 or by such other means for thelr advancement in lffe or to enable them to earn thelr Ilvlng as the Dlrectors thlnk flt: NORWICH FREEMEN'S CHARITY REPORT OF THE TRUSTEES (INCLUtMNG THE DIREcfoRS' REPORT) Forthe year ended 31 March 2025 the provlslon and support In the Interests of sodal welfare of facilltles for recreatlon and other letsure tlme occupatlon wlth the object of Improvlng the condltlons of Ilfe for the Inhabltants of the kna of Benefft: or any other char*able purposes for the general beneflt of the Inhabttants of the Area of 8eneflt. The Area of 8enefft ts defined as Ihe area wlthln a 20-mile radlus of the City of Norwlch Gulldhall. These objectlves mlrroi those of the prevlous scheme dated 10 May 1983. on¥lch Ch We have a common statement of values across our three 8rnnt-maklng charltles (Norwlch Con5011dated Charttles. An8utsh's Educatlonal Foundatlon and Norwlch Freemen's Charltyl as follows: The world ts full of dlfference. We value and respect thls. We wlll be Incluslve, enablln8, and non- Jud8mental. We wlll not assume that we know or understand Ilves whlch are not our own and wlll therefore ask and seek to learn. rans We will be transparent In all Ihat we do other than where transparency would be dama8ln8 to Indfvlduals or or8anlsatlons, to our ablllty to carry out our work or where It would be Illegal. Lack of tronsparency con be domoglng to our Indiwduol ond orgonlsotional benefldarles In many ways. It can woste thelr voluoble time ond It con pmvidefalse hope whkh may deloy or prevent the searchfvr alternatfve sources olsupport. ra We wlll have the coura8e to ask, to questlon and to challen8e. We wlll also have the coura8e to take calculated rlsks In our 8raDt-makI￿. We wlll be ambltlous, bold, a8lle. and unafrnld io fund both the new and Innovatfve and the 'old' and proven. We recognise that we don't Simply exlst to make 8rants- rather our purpose Is to enable posllive change through our 8rant-makln8 and throu8h the use of our other assets and resour¢e& ollaboratl We wlll collaborate wlth those we seek to support and wlth other or8anisatlons where we share values and vlslon. We wlll be approachable, carfn& responsfve, professlonal. and we wlll Ilsten. We remoln consclous of the inevltoble power Imbalonce between ourselves and our beneficlories and we wlll do all thot we con to mitigote thls. We olso remaln conscious OA the needfor second chonces -for both Indivlduols and orqanlsotlon& Freem harl vl lo emen A world In whkh Freemen of Nolwlch and thelr dependant relatlves. who are In ftnanclal need, have that need reduced through our 8rants. A world In whlch people WI￿ Ilve wSthln a 2fymile radius of Norwkh Gulldhall and are In financlal need, have that need red￿d thn)ugh our 8rants to organlsatlons - and In whlch those Ilvlng In that NORWICH FREEMEN'S CHARITY REPORT OF THE TRUSTEES IINCLUDING THE DIRECTORS, REPORTI For the year ended 31 March 2025 area who wlsh to, can access hlgh quallty communlty, athrlce, support, recreatlonal, cultural, and herttage prolects, facllltles, and actlvltles. Norwkh Freémén's Charl Mlsslon Statém n relatlon to our rdnt-makhn to Freemen wlll: ..ensure that all Freemen (and throush them. thelr dependant relatlves). are aware of the ran8e of 8fants they may apply for, our ellglb511ty crlterla and our appllcatlon processes. ..malntaln a partlcular focus on the promotlon of. and removlng barrlers to, educatlon (uslng a broad understandln8 of ihe term) and to earnlng a Ilvln8. ..ensure that these aspects of our grant-maklng focus on those who are In flnanclal need and that our 8rants make a 518nlfkanl p0511fve dlfference to thelr Ilves. neflttln hl orwl ..ensure that thts aspect of our grnnl-maklng also focusse5 on those who are In flnanclal need and that the work of the or8an15atlons we make grants to makes a s18nlflcant posltfve dlfference to thelr Ilve5. ..ensure that the cornmunlty, advlce, support, recreatlonal. cultural, and herlta8e projects, facllltles, and act￿ttle5 thal we make grants towards are welcomln& avallable, acceptln8 of, and accesslble to alL latlon t 11 kl both F non-F men we wlll: ..ensure that our eli8ibllity crfterla and appllcatlon processes are clear. slmple, trnnsparent, non- Judgmental, and waste as Ilttle of our applicants. tlme as posslble. ..revlew our 8rant-makhw and a$50clated polldes and procedures on an on8oln8 basls and change and adapt these as apprwlate In response to chan8ln8 need and other relevant Infomiatlon. bll We conflmi that In provldlng the above servlces and In wrftln8 thls report, we have had regard to the guldance issued by the Charlty Commlssion on publlc benefft. urm Grant-makln8 tstoo an During the year. our appkniion wocedure In relatton to grants to or8anlsatlons was as follows: Each or8antsatlon wlshln8 to appty for a 8rant needs to secure a pre-appllcatlon meetlng whlch must be requested after the partkular lime and date gfven on our website. Our pre-appllcation meetlnzs are usualty held Sn cafes to promote a more relaxed atmosphere and honest dlscusslon that ts often not the case In offke-based meetlngs. The purpose of the pre•appllcatlon meetlng Is for us to understand. dlscuss and advlse In relatlon to the application that the organtsatlon is considering makin8- and, where appmprlate {whlch is In the majorfty of cases) to Blve the go-ahead for the organlsatlon to apply. NORWICH FREEMEN'S CHARITY REPORT OF THE TRUSTEES (INCLUDING THE DIREcfoRS' REPORT) For the year ended 31 Marth 2025 We also use these meetSnBs to better establtsh, malntaln and deveh)p an increased feeling and level of partnershlp between oursefves and our benefklary or8anlsatlons and to keep ourselves up to date wlth the sftuatlon and needs of these or8anlsatlons, the benefl¢larles they serve, and the wlder charltable sector. We hold 4 Grants Comrnittee ffleetlw per year In order to ensure a relatfvely fast response. On our webslte. we publlsh both the dates of our'wlndow5 of appllcatlon. In relatlon to each of our Grants Committee meetlngs and the amount of money In the budget for each of those meetlngs. We have a short and 'to the polnv online appllcatlon form whlch, nevertheless, exercises the mlnds of our or8anlsatlonal applkants encoura8ln8 them to state clearty the need(s) they are addressln81 the ways In whlch they alm to address these needs, and the changes they alm thelr workto enable In the Ilves of thelr beneflclarles. We Inslst that, whllst that we do requlre successful appllcants to submtt monltorlng Informatlon, thts should be In a form that they declde wlll be of use and benefft to them- rather than one Imposed by us. In addltlon to the above. we also encourage or8antsatlons to meet wlth u5 Informally to dlscuss the challenges they are facln8 and the way5. Other than In addltlon to 8rant-makln& In whlch we may be able to help15UPPOrt them andlor to discu55 projects whkh are currently at the 'ldeas stage,. ee The purpose of our maki￿& these grnnts Is to contrlbute towards Improvlng the quallty of Ilfe for Freemen and thelr ell8lble relatlves who are In flnanclal need and cannot 8et any further help from the State. There are four grant streams avallable to those Freemen and thelr dependant relatlves who are In flnanclal need. The range of grants wh5ch we have been able to provlde have efther lessened the flnanclal hardshlp or dlstress whlch they have been facln8 or have enabled access to educatlonal opportunttleslfacllltles whkh would Othe￿Ise not have been posslble. We have Ilsted these streams land Ihe sub streams wlthln them) below: These 8rants can be awarded to meet a wlde ran8e of needs, such as: Essentlal household blems Decoratlng Removals Dtsablllty alds not wovkled by the NHS Essentlal household repalrs and Improvements Trade tools for slartlng M) work Expenses related lo the cost of havlng a chlld NORWICH FREEMEN'S CHARITY REPORT OF THE TRUSTEES (INCLUDING THE DIREcfoRS' REPORT) Forthe year ended 31 March 2025 Educatl These grants can be awarded to meet a wlde range of educatlonal needs, such as: School clothlng and equlpment Educatlonal re51dentlal trlps Horne educatlon Arts. drama, muslc, and sports Further educatlon Unlverslty Vocatlonal and academk courses In addltlon to any of the above grant 51reams, we are also able to make re8ular dlscretlonary payments to those who have retlred. These grants alm to provode help towards the cost of a funeral for a Freeman or a dependant relatlve of a Freeman. ACHIEVEMENTS AND PERFORMANCE (INCLUDING STrATEGIC REPORn Support to non.Freemen throu£h 8rant•makln8 to oryanlsatlons We glve grants to or8anlsatlons whose alms flt well wlth our objects. These are largely or8anlsatlons which, through thelr worK alm to promote the educatlon of people who are In need of flnanclal asslstance or to provlde facllltles for recreatlon and lelsure-tlme actlvltles In partlcular, but noi excluslvely, those related to the rlch herfta8e and cultural Ilfe of our area of beneflt. Durlng the year we agreed 62 grants to other or8anlsatlons, totalllng £691,616: the average 8rant was £II,ISS. The largest slngle grant we made was for £35.000. the smallest for £925. Full detalls of 8rants to other organtsatlons can be found In note 20 to the accounts. The work and Projects whlch we fundedlcontrlbuted to fundln8 durln8 the year Included: A number of clubs and socletles pn)vlding actfvltles to local peoplelpartlcular 8fOUPS of people. A number of muslc/arts projects for young people. A supportlve educatlonal programme for looked after youn8 people. A resldentlal programme for youn8 carers. A number of projects preseNln& understandlng and maklnB medleval art and herltage accessible. Two projects focussed on preseNlce sharln8 and passln8 on the herftage of partlcular groups of people. A schools allotment prolect. A number of educatlon projects. workshops and competltlons In and for schools. Upgradlng Indoor and outdoor facllltles for a number of groups worklng wlth chlldren and young people. Actlvlty sesslons/days out for a number of groups of chlldren and youn8 people. The provislon of and repalr to equlpment to support the Improved operatlon/accesslblllty of number of organlsatlons. NORWICH FREEMEN'S CHARITY REPORT OF THE TRUSTEES (INCLUDING THE DIREcfoRS' REPORT) For the year ended 31 March 2025 Support for adults recoverin8 from substance mtsuse. Support for a glrls Internatlonal football tour. rant-makl duals or those wh Durlng the yearwe made SO annual 8rants totallln8 £70.367. neral G Durfn8 the year we made 4 grants totallln8 £3,723. A prlor year 8rant of £3,742 was cancelled, catlon Durln8 the year we made 15 educatlonal 8rants totalllng £39.990. Investmen Whllst thls Is not an 'actlviV In the Same sense that the provlslon of our 8rants Is, ft Is nevertheles5 a vltal 'actlvltV, Indeed an absolutely essentlal part of what we do. Our ablllty to allocate funds now and In the future depends entlrely on the effertlve Investment of our endowment. In seekln8 to manage our Investment effectlvety, our two overall objectlves contlnue to be: To treat current and future benellclarles equally, glven that the Charlty Is Intended to exlst In perpetulty. To achleve an optlmum balance between rlsk and total return so as to set a conslstent short-to medlum term bud8et for expendlture on our charltable objects. At present, expendlture Is planned at 4% per annum of the value of the fund for Investment as at 31 March 2012, uprated by Inflatlon per annum to protect Its value in real terms. We assess the approprlateness of our Investment pollcy In terms of average perfomiance of the Fund for Investment over the perlod of an economlc cycle of 7-10 years. Thls Is against the stated oblectlve of an average overall 7% totsl return per annum, which when Inflatlon, estlmated at 3% per annum, is dedurted glves a real rate of 4% on the Fund for Investment. For 2025-26. we have bud8eted usln8 an overall average return of 7%, wlth 3% for Inflatlon, based on expectatlons for the forthcomln8 economlc cycle. We dele8ate the day-to-day mana8ement of our quoted Investments and Investment propertles to professlonal advlsers {Sarasln & Partners LLP and Brown & Co). They dlscharge thls responslblllty In Ilne wlth the oblectlves above and perforniance In the year ended 31 March 2025 Is consldered to have been satlsfactory and In Ilne wlth our objectlves. The value of our Fund for Investment at 31 March 2025 was £29,482k12024: £29,802k) ￿mprIsIng £19,281k (66%) (2024: £19,411k) In dlrectty•owned property and £9,692k 133%1 (2024: £9,560k) in quoted Investments and £509k (1%) (2024.. £831k) In surplus cash - the latter belng an amount held at bank In excess of the antlclpated day-to4ay requlrements of the charlty• to support addltlonal strateglc and project work. NORWICH FREEMEN'S CHARITY REPORT OF THE TRUSTEES (INauDING THE DIREcfoRS' REPORT) For the year ended 31 March 2025 L4L4AA Durln8 the year we have contlnued to explore opportunltles whlch some may refer to as 'rnlxed motlve Investments, but whlth are increaslngly being Included In the terms 'lmpact/sotlal investmenv. When these opportunltles arlse. they enable us to own propertles for the purpose of investment whltst also meetlng our objectlves by supportln8 the work and mtsslons of local charltable orsanlsatlons. The way that we currentty approach such opportunltles Is as follows: A local charttable or8anlsatlon wlll approach us wfth a need for premlse5. We wlll work wlth them to Identlfy sultable premlses whlch would also make an approprlate Investment property to add to our portfollo. When both they and we are happy that these dual crlterfa have been met we wlll then dlscuss whether or not they wlll be able lo pay us the full market rent for the premlses and the su88esied lease tenns. Once we've a8reed the tefms of the lease. If they are able to pay the full market rent. we wlll 80 ahead, purchase the property, and lease It to them. If they are unable to pay the full market rent. they wlll then apply to us for a grant to make up the dlfference between the amount they can pay and the full market rent. If thelr grant appllcatlon Is successful. a Brant wlll usually be made for between one and three years on a slldlng scale dependln8 on clrcum5tances. At the end of the grant period, the or8anlsatlon wlll be expected lo pay fvll rna￿et rent. undralsln We do not actfvety en8a8e kn fundralsln8 actlvltle5, and Instead generate Income throu8h our Investment assets. We do not en8a8e 5ndlvlduals or entltles to fundralse on our behalf. We are however very open to approaches from Indlvkluals who reco8nlse the value of our work and wlsh to leave us le8acles or othe￿1$¢ Contrlbuie financlalty to our work. We are also open to approaches from other 8rant-makln8 or8anlsatlons who wbsh to conslder becomln8 part of Norwlch Charltable Trusts whllst retainlng thelr own Independent board of Trustees and working to thelr own Schemelmernorandum and Artlcles. FINANCIAL REVIEW Prlnclpal fundlng sour￿$ Our prfnclpal fundln8 sources are the rental Income from our Investment propertles and dlvldend Income from our quoted Investments. Revlew of our flnanclal posftl¢)n at the end of the year Our financlal resufts for the year ended 31 March 2025 and our flnanclal posltlon as at 31 March 2025 are set out In the Flnanclal Statements accompanylng thls report, commenclng wfth the Statement of Flnanclal Actlvltles on page 20. Durlng the year our flnanclal plannln& monftorlng and control have continued to be of a good slandard. The outturn for the year was in Ilne wlth the management accounts produced regularly throughout Ihe year. Actual perfomiance was In Ilne wlth budget and expectatlons. Our quoted Investment portfollo has performed satlsfactorlty desplte the volatlllty In the market. and our Investment property portfollo has all but malntalned its. value throughout a dlfflcult economic perlod. Both Investment portfollos have maintalned thelr Income levets. As lon8-temi Investors we focus on the longer temi scenark), and our cash flow remalns 5at15factory. NORWICH FREEMEN'S CHARITY REPORT OF THE TRUSTEES IINCLUDING THE DIREcfoRS' REPORT) For the year ended 31 March 2025 Overall. our portfollo and asset base remaln strong and appropriatety dlversified. Reserves poncy Our reserves pollcy ts set ha¥h￿ regard to the princlpal rfsks and uncertalntles facln8 the Charlty e.g. potentlal changes to the present economlc, political and soclal envlronments. Such rlsks hlghllght the need for us to conslder approprlate custody and mana8ement of assets, for now and for the future. and the approprlate use of funds. The former rtsk Is addressed by the use of appropriate professlonal advlce and the latter by a rl8orous revlew of all fund appllcatlons. The Chafltvs pollcy regardin8 the level of reserves to be malntained is to reference the funds avallable under the TrA (Total Retum Approach). In effect. our avallable reserves are represented by the UTR (Unapplied Total Returnl, Le. the Fund for Investment less the value of the 'Orlglnal Gffv. We are the long temi custodlan of the fund, It belng expendable only to the extent that we can warrant that any resldual sum ts sufflcient to protert. on an equal basts, the Interests of future beneflciaries compared wlth current beneflciaries. It would be a matter of jud8ement based on professlonal advlce at the tlme If any exceptlonal expendlture from reserves was requlred. as has been the case from tlme to tlme. We malntaln a buffer element to guard agalnst adverse market movements, In order to malntaln stabllfty In our annual budget and gmt expendItu￿. The level of such unapplied funds is shown in Note 16 Ib} to the accounts. standlng at £19.254.S13 as at 31 March 2025 (2024: £19,592,708). Wlthln unrestrfcted funds Inote 15} there are both deslgnated and general funds. Deslgnated funds are fund5 that the trustees have set aside to reflert particular intentions for the use of those funds and amount to £236,15012024; £270,850). Unrestricted funds not desi8nated in this way are general funds. The 8eneral surplus at 31 March 2025 amounted to £1.286,972 12024: £1,113,266). ExcludSng unrestrlcted tan8lble flxed asset$ gives a net current unrestr5cted assets flgure of £1,637,564. Thos Is malntalned to enable us to wkle additional support outslde of our annual budgeted expendlture. The Trustees have revlewed the level of unrestrkted reserves and conslder these remaln approprlate. Trust for Ilcatlon Inco 02 In accordance wlth clause 316)b of the Order. the Trustees must 8ive "an explonotlon ol the conslderotlon ond policies relevant to the Trustees, determlnotion of the port of the UTR that is allo¢oted to the trustfor application- {the Income of the Charlty) In 2024/25. We recelved and consklered the a(fvKe of Sarasln & Partners relatln8 to the agreement of a strategic asset allocation for the Investment of the Charivs funds. including its dlrectly-owned property. Taklng account of the rlsks and relurns assocSated wlth different asset classes. they aBreed an asset allocatlon whlch would generate an average annual total return of 6%. They also advlsed that 2% of thls should be retalned In the Fund for Investment to malntaln Its real temis value as the basls for treating future beneficiaries equally. The Trustee5 have reviewed thls pollcy every year SIn￿ 2013 with their advlsers. Prlor to 2019 we worked wlth an expectatlon of the annual total return and Inflatlon at 7.1% and 3.0% respectlvely. From 2024 we are W0￿1ng wlth an expectatlon of 7% and 3%. Consequentty, the SOFA shows a trnnsfer In 2024125 from the Fund for Investment to the Trust for Appllcatlon of £1,044k12023124: £1.024k). io NORWICH FREEMEN'S CHARITY REPORT OF THE TRUSTEES (INCLUOING THE DIREcfoRS' REPORT) Forthe year ended 31 March 2025 The outturn for the year shows a decrease In the value of the Fund for Investment of 1.07% {2023124: Increase 0.04%), followlng the transfer to the Trust for Appllcatlon. Thls falls short of the Inflatlonary Increase needed to malntaln the real temis value of the Fund to protect the interests of future beneficlarles. The Increases in prevlous years have, on average, exceeded the required level. The actual value of the Fund on 31 March 2025 exceeds the notk+nal value by £2,591k. so the condltlon Is more than met. The balance remalnlng unspent In the Trust for Applicatlon on 31 March 2024 and brought forward to 2024125 was £67,916. A sum of £196,130 exlsted on 31 March 202S to be carrled forward to the followln8 year. PLANS FOR THE FLITURE Revlew of our future dlrectlon Thls revlew Is an ongolng process and ts hthmied throu8h our membershlp of the ACF {Assoclatlon of Charltable Foundatlonsl and, In partlcular, by us continuln8 to work throu8h thelr Plllars of Stronger Foundatlons. There Is much In common between these Plllars and the Charlty Code of Governance - however a slgnfficant difference ts that the fomier Is focu5sed on grant-making organisations whllst the latter Is focussed more generally on all charltles- hence our decision to work through the Plllars flrst. Once we have worked through all of the Plllars. we wlll then check whether there remaln any elements of the CharSty Code of Governance that we have not covered through this process. The ran8e of Issues whlch we have dlscussed and debated durfng the year, and whkh we hope to have a greater focus on In the future. Indude: Our deslre to work towards strlklng an approprlate balance between 'stlcklng plasterf work and 'breakln8 the cyde, work. Our deslre to attract appllcations from Freemen and from organlsations which are innovative in the way that they seek to enable people to achleve permanent posltfve change in thelr Ilves. The balance between (￿r 8rants to Freemen and to non-Freemen. The balan￿ between beneffttlng our current and our future beneflclarks and the consequent release of an approprlate amount of funds from our unrealised total return to enable us to make Brants whlch are addltlonal to our nomial 8rants rounds. Our deslre to contlnue to avold unnecessarlly taklng up slgnlftcant amounts of t5me land therefore the financlal and other resour￿5) of organtsations explorlng the possibility of, and makln& appllcatlons to u& The be8lnnlngs of our conskleratlon of the potentlal of Impact and Soclal Investments STrUCTURE, GOVERNANCEAND MANAGEMENT Govemlns Oocument NoThvlch Freemen's Charlty, reglstered charity number 1169460 and re8tstered company number 09914994, ts 8overned by a Memorandum and Artlcles of Association dated 14 December 2015 and was approved by the Charlty Comffltsslon on 3 October 2016. li NORWICH FREEMEN'S CHARITY REPORT OF THE TRUSTEES {INCLUOING THE DIREcfoRS' REPORT) For the year ended 31 March 2025 Trustee appolntment and tralnlng The Board of Trustees comprlses 16 Trnstees, 8 of whom. Freemen of the city of No￿lch. are elected for a flve-year term by The Common Hall of Freemen, the 'parllarnent' of the Freernen of the City of Norwlch, chalred by Nlgel Back up to 31 March 2025 and John Rushmer thereafter. The Common Hall meets once every flve years. The other 8 Trustees are nomlnated by the Trustees of NO￿lch Consolldated Charlties. These Trustees are also Trustees of Angulsh's Educatlonal Foundatlon. Those who served In these capacltles durln8 2024125 andlor are Trustees at the tlme of the approval of these flnanclal statements are shown on page l. Trustees are requlred to dlsclose all relevant Interests to the Chlef Executlve and to thelr collea8ues and to wlthdraw from declslons where a confllct of Interest artses. Nlgel Back was elected Chalr and Davld Fullman Vlce-chalr of the Trustee5 for 2024. They were re• elected In these capacftles for 2025 at the December 2024 meetlng of the plenary body. Nl8el Back reslgned on 31 March 2025 and John Rushmer was elected Chalr on 14 Aprll 2025. John Rushmer expressed on behalf of the Trustees an appreclatlon to Nl8el Back for hls servke to the Charlty over perlod of thlrty-five years a$ a Trustee the last flfteen In the capaclty as Chalmian and for h15 contlnued support to the Charlty The Chalr of the Board of Trustees oversees the Inductlon and tralnln8 of new Trustees, sUPPOrted by the Chalrs of the sub commlttees and the key management personnel. Organlsatlonal Structure The plenary l)ody of Trustees meets every three months, wlth the approprlate officers and advlsers. to agree plans, pro8rammes and budgets; a8ree and revlew policies: and to monitor proBress and revlew performance. Grant appllcations from other bodles are considered by Trustees, Grants Committee each quarter. There Is conslderable devolutlon of authorlty to formal Commlttees of Trustees and to senlor staff. wfthln the terms of the Mernorandum and Artlcles and agreed pollcles and bud8ets. Grants to Indlvlduals whlch have been approved by the Executlve, In Ilne wlth agreed parameters, are reported to the plenary ljody. Currently, all declslons relating to grants to other organlsatlons are made by Trustees, Grants Commlttee and monltored by the plenary body. This body sets the budBets wlthln whlch the Commlttees and the Chlef Executlve, wlth hls delegated authorlty for the management of the Charlty• work. Pollcles are declded or ratlfled by the plenary meetln& based upon recommendatlons comln8 from the Commlttees. Membershlp of the Flnance, Audlt and Grants Commlttees Is reviewed annualty, and Chalrs are elected at thelr first meetln8 of the year. The Chalr and Vlce-chalr of the plenary body are elected for the followlng year at Its last meetlng of the precedlng calendar year. The approprlate officers, Includlng the Grants Officers, attend Commlttee meetln8S to advlse the Trustees and to report on the exerclse of thelr delegated responslbllltles. NORWICH FREEMEN'S CHARITY REPORT OF THE TRusfEES (INCLUDING THE DIREcfoRS' REPORT) Forthe year ended 31 March 2025 The external advlsers to the Trustees - audltor, bankers. solkltors, Investment advlsers and managers and property advlsers and managers are set out ai the front of the flnancial statements. Senlor members of thelr staff attend relevant meetln8s of the Trustees and provlde wrltten and oral advlce; they also have free access to the Trust Nlck Saffell, FRICS, FAAV, a partner In Brown & Co LLP. was the Steward to the Charlty up to hls retlrement on 31 March 202S. NIBel Hodge Bsc (Hons) MRICS. a partner In Brown & Co LLP, was appolnted Steward to the charlty from l Aprll 2025. responsible for the management of the estate, Includln8 the endowed propertles, and for advising the Trustees on these matters. HIS servlces are recelved throu8h a servlce level a8reement wlth Brown & Co LLP. Key Management Personnel remuneratlon The Trustees conslder the Chlef Executlve, the Dlrector of Flnance and the Senlor Grants Officer as comprtslng the key management personnel in charge of directin8 and controlllng the Charlty and runnlng and operatlng tt on a day-to4ay basls. All Trustees give of thelr tlme freety and no Trustee remuneratlon was pald In the year. The Trustees. pollcy Is to take heed of the Consumer Prlces Index when considering salary increases for all employees. The Chlef Executlve's pay ts treated in the same way as other staff. Oetalts of Trustee expenses are dtsdosed In note 6 to the flnanclal statements and related party transactions are dtsclosed In note 19 to the flnancial ststements. Rlsk As wfth any organlsatlon of any slgnificant slze or complexlty, there are many risks, In order to mltlgate these, the Trustees have a fornial rlsk management process In place to assess strateglc. financlal, and operatlonal rlsks and to develop and Implement appropriate rlsk management strategles. Partlcular areas of risk and the ongolng management of these are delegated as approprlate to managers who are responslble for those areas of our operatlon. Trustees revlew our rlsk re8iSter on an annual basls. and as and when needed should s18nllkant new rbks be Identlfled. Connected Charltles We share a common admh)tstratk￿ and offlce wlth two other charltable companles. Angulsh's Educatlonal Foundatlon aKI Norwith Consolidated Charities. The infomial 'group narne. for the Chartties is 'Norwich Charltable Trusts, and. while the Charities retaln their independence. a common admlnlstratlon promotes greater efficlency and co-ordlnatlon and lower costs. Each Charlty ts a separate fe8Sstered Charlty and entlty wlth its own governance and speclfic objectlves. Norwlch Consolldated Charltles. Angulsh's Educatlonal Foundatlon and Norwlch Freemen's Charity have each been In the process of becomin8 Incorporated as a Charitable Company Llmlted by Guarantee. therefore three dormant companles have extsted in preparatlon for thls. From l Aprll 2024 the actlvftles and operations of each charlty. along w5th the staff, assets and Ilabllltles, were transferred to the respectlve ¢ompanles. NORWICH FREEMEN'S CHARITY REPORT OF THE TRusfEES (INCLUDING THE DIREcfoRS' REPORn For the year ended 31 March 2025 Governance related to the Total Return Approach (fRAJ There are partkular dutles placed on TNstees as a result of our declslon on 12 January• 2012 to take the powers conferred by an Order of the Charity Commisslon dated 24 January 2011 with effect from I Aprll, 2012. The trustees of the charltable company passed a resolution on 10 July 2024 under $104A(2) and s104AA{21 of the Charltles Act 2011 to adopt a Total Return approach. The power pemilts the Trustees to Invest pemianently endowed funds to max5mlse total return. It also enables the Trustees to declde each year how much of the Unapplled Totsl Return is transferred to income funds and be avallable for expendlture. There are partlcular dutles placed on Trustees as a result of this. The key elements of the statutory governance framework for TRA wtthln whlch Trustees must operate are: A speclflc 'duty of ore.. A duty onty to use the power kn a way that wlll enable the Trustees to meet the needs of the present and future beneficiaries of each of the Charltles. A duty to obtaln and conskler 'proper advlce.. Trustees w511 need to establlsh a ratlonal pollry to deternilne periodically what part of the UTR Is allocated from tlme to tlme to the trust for appllcatlon. Trustees should take a strateglc vlew lincluding fluctuatlons In asset values, Investment risK Inflatlon, chan8es In Ihe Charities, servlce provlslon) of how much of the UTR they tske to spend, rather than takln8 an annual vlew of returns on the Investments. Trustees must be able to fvstlfy the level of UTR at any tlme. The accompanylng flnandal statements and thts Trustees. Annual Report compty with the Dlrectlons in the form of Dutles set out In the Order In relatlon to the adoptlon of the TRA by the Charity. In relatlon to the accounts, these arv. e frustees shall, In notes to thelr occountsfor eochfinonclol yeor, give portlculors of.. o. The aggregate ¥olue of the ossets representing the unapplied totol return at the beginnlnq of the flnanclol year,. b. Any Increase or decrease durlng the yeor in the value of the ossets representlng the unapplled totol return.. The port of the unapplied total return whkh the trustees hove. In thefinonclal yeor. ollocotsd to the trustfor appllcotion (IncomeJAor the purposes of the charity; d. The Oggregote ¥olue OA the ossets representing the unopplled total return ot the balonce sheet date". All of thls Information ts shown In Notes 16la) and (bl to these accounts. The advlce relating to the feaslble and sustalnable level of transfer to the Trust for Appllcatlon for 2024125 on the basls of the agreed strategic asset allocation. lon8 temi outlook and Total Return Approach assumptlons was receNed by the Trustees from.. Sarasln & Partners LLP - quoted Investment advlsers and managers Brown & Co LLP - property advlser5 and managers Statement of Trustee< ftesponslbllltles The trustees {who are also dlrectors the purposes of company law) are responslble for preparlng the Trustees, Annual Report {Includlng the Strate8lc Reportl and the flnanclal statements In accordance wlth appllcable law and Unlled Kln8dom Accountlng Standards {Unlted Kln8dom Generally Accepted Accountln8 pract1￿}. 14 NORWICH FREEMEN'S CHARITY REPORT OF THE TRUSTEES IINCLUDING THE DIRECTORS, REPORT} For the year ended 31 March 2025 Cornpany law requlres the trustees to prepare flnanclal statements for each flnanclal year. Under company law the trustees must not approve the financlal statements unless they are satlsfled that thev glve a true and falr vlew of the state of affalrs of the charlty and of the Incomlng resources and appllcatlon of resources. In¢ludlng the Income and expendlture, of the charfty for that perlod. In preparlng these flnanclal statements. the trustees are requlred to: select sultable accountin8 pollcles and then appty them conslstently; observe the methods and prlndples In the Charltles SORP 2019 (FRS 1021: make Jud8ements and estlmates that are reasonable and prudent; State whether appllcable UK accountln8 Standards have been followed, subjert to any materfal departures dlsclosed and explalned In the flnanclal statements: prepare the financlal statements on the goln8 concern bas15 unless Itls Inapproprlate to presume that the charlty wlll contlnue In operdtlon. The trustees are responslble for keeplng adequate accountln8 records that dlsclose wlth reasonable accuracy at any tlme the flnanclal posltlon of the charlty and enable them to ensure that the financlal statements comply wlth the Companles Act 2006. They are also responslble for safe8uardln8 the assets of the charfty and hence for takln8 reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. Insolar as the trustees are aware: there Is no relevant audlt Informatlon of whlch the charltrfs audltor Is unaware. the trustees have taken all steps that they ought to have taken to make the members aware of any relevant audlt Infonnatlon and io establlsh that the audltor Is aware of that Inforniatlon. Thanks Thanks are due to all of our Trustees who have 8lven thelr tlme durlng the year: to Sandra McAfee, Grants Manager and all members of the 8rants team; to Becky Blrd. Dlrector of Flnance and all members of the ftnance and Woolgate Court team; to our Stewards Nlck Saffell and Nl8el Hodge and thelr colleagues, and to Davld Hynes, Chlef Executlve. Wlthout thelr dedlcatlon and sklll, the Charftvs work could not be as effectlve and valued as It15. FOR AND ON BEHALF OF THE TRUSTEES John Rushmer Chalr of the Board of Trustees I Wool8ate Court, St Benedicts Street Norwlch, NR2 4AP 7 Juty 2025 15 NORWICH FREEMEN'S CHARITY AUDIT REPORT Year ended 31 March 202S INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NORWICH FREEMEN'S CHARITY Oplnlon We have audlted the flnanclal statements of Norwlch Freemen's Charlty (the 'charltable companrf) for the year ended 31 Ma￿h 2025 whlch comprlse the Statement of Flnanclal Artlvltles, the Balance Sheet, Statement of Cashflows. Summary Income and Expendlture Account and notes to the financlal statements, Includln8 sIBnlfftcant accountlng pollcles. The flnancial reporting framework that has been applled In thelr preparatlon Is appllcable law and Unlted Klngdom Accountlng Standards, Includln8 Flnanclal Reportlng Standard 102 The Flnanclal Reportlng Stondord appllcable In the UK ond Republlc of Irelond (Unlted Kin8dom Generalty Accepted Accountlng Practice). In our oplnlon, the flnanclal statements: 8lve a true and falr vlew of the state of the charltable companvs affalrs as at 31 March 2025. and of Its Incomlng resource5 and appllcatlon of resources, IDcludlnB It5 Income and expendlture, for the year then ended: have been property prepared In accordance wlth Unlted Kln8dom Generalty Accepted Accountlng Practlce: have been prepared In accordance wlth the requlrements of the Companles Act 2006 and the Charltles Act 2011. 8a515 for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng (UK) {ISA5 (UK)) and appllcable law. Our responslbllltles under those standards are further descrlbed In the audltor responslbllltles for the audft of the financlal staternents sectlon of our report. We are Independent of the charltable comparby In accordance wlth the ethical requlrements that are relevant to our audit of the financlal statements In the UK, In¢ludln8 the FRC'S Ethlcal Standard, and we have fulfilled our other ethlcal responslbllltles In accordance wlth these requlrements. We belleve that the audlt evldence we have obtalned Is sufflclent and approprlate to provlde a basls for our oplnlon. Conduslons relatlns to 8oln8 concern In audltln8 the flnanclal ststements, we have concluded that the trustees, use of the golng concern basis of accountlng In the preparatlon of the flnanclal statements Is approprlate. Based on the work we have perfornied, we have not Identlfied any materfal uncertalntles relatlng to events or condltlons that, Indlvldually or collectlvely, may cast slgnlflcant doubt on the charltable company's ablllty to contlnue as a going concern for a perfod of at least twelve months from when the financlal statements are authorlsed for tssue. Our responslblllties and the responslbllltles of the trustees wlth respect to goln8 Concern are descrlbed In the relevant sectlons of thls report. 16 NORWICH FREEMEN'S CHARITY AUDIT REPORT Year ended 31 March 2025 Other Inforn￿tIon The other Informatlon comprlses the Informatlon Included In the trustees, annual report, other than the financlal statements and our audltorfs report thereon. The trustees are responslble for the other Infomiatlon. Our oplnlon on the flnanclal statements does not cover the other Informatlon and we do not express any form of assurance concluslon thereon. Our responslblllty Is to read the other Infomiatlon and, in doin8 $0. consider whether the other Informatlon Is materlalty Inconslstent wlth the financlal statements or our knowledge obtalned In the course of the audlt or otherwlse appears to be materlally mlsstated. If we Identlfy such materlal Inconslstencles or apparent materfal mlsstatements. we are requlred to detemilne whether thls 8fves rfse to a materlal m155tatement In the flnanclal statements themselves. If. based on the work we have perfomied, we conclude that there Is a rnaterlal mlsstatement of thls other Informatlon, we are requlred to report that fact. We have nothln8 to report In thls re8ard. Oplnlons on matters prescrlbed by the Companles Art 2006 In our oplnlon, based on the work undertaken In the course of the audlt: the Inforniatlon glven In the trustees, report, whlch Includes the strateglc report and the dlrectors, report prepared for the purposes of company law, for the flnancial year for whlch the financlal statements are prepared Is conslstent wlth the flnanclal statements: and the strate8lc report and the dlrectors, report Included wlthln the trustees, report have been prepared In accordance wlth appllcable legal requlrements. Matters on whl¢h we are requlred to report by ex¢eptlon In118ht of the knowled8e and understandln8 ol the charltable company and Its envlronrnent obtalned In the course of the audlt. we have not Identlfled materlal mlsstatements In the strate8lc report or the dlrectors, report Included wtthln the trustees, report. We have nothlng to report In respect of the followlng matters In relatlon to whlch the Companles Art 2006 requlres us to report to you If, In our oplnlon: adequate accountln8 recofds have not been kept. or returns adequate for our audlt have not been recelved from branche5 not vtslted by us; or the flnanclal statements are not In agreement wlth the accountlng records and returns. or certaln dlsclosures of trustees, remuneratlon specified by law are not made.. or we have not recelved all the Infom)atlon and explanatlons we requlre for our audlt. 17 NORWICH FREEMEN'S CHARITY AUDIT REPORT Year ended 31 March 2025 Responslblllt1￿ of trustees As explalned more fully In the trustees, responslbllltles statement. the trustees Iwho are also the dlrectors of the charftable Company for the purposes of company law) are responslble for the preparatlon of the financial statements and for belng Sattsr￿d that they gNe a true and falr vlew, and for such Internal control as the irustees deternilne ts necessary to enable the preparation of flnanclal statements that are free frorn materlal mlsstatement, whether due to fraud or error. In preparing the flnanaal slalements. the trustees are responsible for assessing the charitable companrfs ablllty to contlnue as a 8oln8 concern, dlsclosln& as appllcable. matters related to golng concern and u51ng the golng concern basls of accountln8 unless the trustees elther Intend to Ilquldate the charltable company or to cease operations. or have no reallstlc alternatlve but to do so. Audltor respanslbllftles lor the ￿dIt of the finandal statements Our objectlves are to obtaln reasonable assurance about whether the financlal statements as a whole are free from materlal misstatement, whether due to fraud or error. and to Issue an audttorfs report that Includes our oplnlon. Reasonable assurance Is a hi8h level of assurance. but Is not a guarantee that an audft conducted In accordance wlth ISAS IUK) wlll always detect a materlal mlsstatement when It exlsts. Mlsstatements can arise from fraud or error and are consldered material If, Indlvldually or In the aggregate. they could reasonabty be expected to influence the economic declslons of users tsken on the basls of these flnanclal statements. Irre8ularltles, Includln8 fraud, are Instances of non•compliance wlth laws and regulatlons. We deslgn procedures In line wlth our responsibilitles, outllned above, to detect material misstatements in ftspect of Irre8ularltles, Includlng fraud. The extent to which our procedures are capable of detectlng Irre8ularltles, Includln8 fraud ts detalled below. The extent to whlch the oudft was consldered oipuble oAdetertlng Irregularltles IncludlngAmud Our approach to Identlfyln8 and assesslng the rlsks of material mtsstatement 5n respect of Irre8ularltles. Includlng fraud and non*compllance wlth laws and re8ulatlons, was as follows: we identified the principal laws and regulations appllcable to the charftable company through dtscusslons wfth management and our wlder knowledge and experience; Identlfled laws and re8ulatlons were consldered in our plannln8 of the audlt and the team remalned alert to Instances of non•compllance throughout the audit. We assessed the susceptlblllty of the charltable company's flnancial statements to material mlsstatement, Includlng obtalnlng an understandln8 of how fraud mlght occur, by: maklng enqulrles of management as to where they consldered there was susceptlblllty to fraud. thelr knowledge of actuaL suspected and alleged fraud: and conslderin8 the Internal contmb 5n place to mtti8ate rtsks of fraud and non-compllance wlth laws and regulatlons. To address the rlsk of fraud through management blas and overrfde of controls. we: perfomied anatytlcal procedures to identlfy any unusual or unexperted relatlonships; tested Journal entries to Identlfy unusual transactlons; and assessed whether judgements and assumptions made In detem)Inlng the accounting estimates set out in the prlnclpal account5n8 pollcles were Indlcatlve of potentlal blas. NORWICH FREEMEN'S CHARITY AUDIT REPORT Year ended 31 March 2025 In ￿sponSe to the risk of irregularltles and non-compliance with laws and regulatlons, we deslgned procedures whlch Included, but were not Ilmlted to: agreelng materfal financlal statement dlsclosures to underlylng supportlng documentatlon; readlng the mlnutes of meetln8s of those charged with governance; and enqulrlng of management and trustees as to actual and potentlal litigatlon and claims. Because of the Inherent Ilmltatlons of an audlt, there Is a rlsk that we wlll not detect all Irre8ularltles, Includlng those leadin8 to a mateflal rnisstatement in the financial statements or non-c0mp1lan￿ wlth re8ulatlon. Thls risk increases the more that compliance wlth a law or regulatlon ts removed from the events and transactlons reflected In the financlal statements, as we wlll be less Ilkely to become aware of Instances of non•compllance. The rfsk is also greater regardlng Irregularities occurrlng due to fraud rather than error, as fraud Invofves Intentlonal concealment. forgery. colluslon. omlssion or mlsrepresentatlon. A further descrlptlon of our responslbllltles Is avallable on the FRC'S webslte at: htt .frc.o audltors au -assurance r-s-res onslbiliti -for-the.audit f- he- tion- -audlto E2 80%99s-f nslbililies.for.Thls descrfption forms part of our audltorfs report. Use of our report Thls report Is made solely to the charltable compan¢s members, as a body, in accordance wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we mlght state to the charitable companls members those matters we are required to state to them in an audltorfs report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responslblllty to anyone other than the charltable company and the charltable companrfs members as a body, for our audlt worl for thls report, or for the opinlons we have formed. To as Wllson BA (Hons) FCA lor Statutory Audltor nd on behalf of ell Blake LLP Statuto udltor, Chartered Accountants Norwlch Fo Iq Agzf Lovewell Blake LLP Is ellglble for appolntment as audltor of the charlty by vlrtue of Its ellglblllty for appolntment as audltor of a company under sectlon 1212 of the Companles Act 2006. NORWICH FREEMEN'S CHARITY STATEMENT OF FINANCIAL ACTMTIES Forthe year ended 31 March 2025 Unrestrlcted Endowment funds funds Total 2025 Total 2024 Incame and endowments from: Investments - Rental Income - Interest recelvable . Olvldends and Rebates 89S,943 895.943 12.457 337.04S 787,868 11.620 336.332 12A57 32￿62 304.483 Total Income 45.019 &200.426 1.245.445 1.135.820 Exp•ndlturn on: Ralsln8 funds - Property expenses - Investment char8es Charltable actlvftles - Grants payable and relaled costs Governance costs (418,378) 137,072) 1418,3781 (433,787) (41,0361 (38,336) (3.9641 1896,4881 49￿66 1896.488) 11,025,904) 149,566 {52,242 Total expendlturq 950.018 455.450 1,550,269 Sub total 1904,9991 744J76 1160.023) 1414,449) Transfer between funds 15.16 Ll)44,000 Iiwmo Net (expendlture)/ In¢ome 139,001 1299,024) (160,0231 1414,449) Unreallsed 8alns/(105sesl Investments -Quoted Investments Investment Propertle5 Reallsed 8alns on Investmeiits -Quoted Investments dlsposal Net movement In funds 11(d) Illb.c) 9.713 90.829 itso.(HJo) IIJO,542 601,655 (130,0001 1178,000) 102,345 111,551 148,714 1338.1951 (189,481} Reconclllatlon of fvnds: Total funds brought forward Total fund5 carrfed forward 1,635.115 28398,708 15- 16 1,783,829 28.060￿13 30,033￿23 29,922.272 29,844342 30,033,823 There are no other recogntsed 8alns or h)sses on the contlnuln8 activities In elther year. The Statement of Flnancial Actlvltles above reflects the Unitin8 Order and a8gre8ates the perfomiance of both the chaflty and the company. Further detalls can be found In note 22. The accompanylng accountrt pollcles and notes form an Integral part of these flnanclal statements {Includln8 comparatlve Informatlon for the Statement of Flnancial Actlvities at note 21). 20 NORWICH FREEMEN'S CHARITY BALANCE SHEEf AS AT 31 MARCH 2025 2025 2024 Flxed assets Tanglble assets Investment5 Total flxed assets 10 146.265 11 28 973339 151,316 28,970,660 29,119,504 29,121,976 Current assets Debtors Cash at bank and In hand Total Current assets 12 91,365 1,314.617 1,405,982 968.273 088,ni Uabllltles Credltors: falllng due wtthln one year Net current assets 13 363￿83) 494,135 n4,838 911.847 Total assets less Cuffent Ilabllltles 29W342 30,033,823 Totsl net assets 29,844342 30.033.823 ftepresentsd by. Unrestrfrted Endowment Total ¢harlty funds 14 14 14 1,783.829 28.060,513 29.844.342 1,635,115 28,398.708 30,033,823 These flnanclal statements were approved and authorlsed for Issue by the Trustees on 7 July 2025 and are s18ned on thelr behalf by. John Rushmer Chalr Oavld Fullman Vlce Chalr Company number 09914994 The Balance Sheet above reflects the Unltlng Order and a88re8ates the performance of both the charlty and the company. Further detalls can be found In note 22. The accompanyln8 accountlng po15cles and notes form an Integral part of these financlal statements. 21 NORWICH FREEMEN'S CHARITY STATEMENT OF CASH FLOWS AND SUMMARY INCOME AND EXPENDITURE ACCOUNT Fortheyear ended 31 March 202S Re¢onclllatlon of net expendltwe to net tash flow 2025 2024 Net (expendlture) for the year Adlustments for. Oepreclation charges (Galns) on dlsposal of quoted Investments Olvldends, rebates, Interest and rents from Investments Oecrease/(Increase) In debtors {Decrease) In credltors 1160.0231 1312,104) 5.OSI 5.351 1102.3451 11,135,820) 26,568 (74,077) 11245.445) (29,083) 130.252 1399.729 I1￿59.752} 1.280.323 (1.592.427) Net Cash (used In) by oper•tlni •rtlvhles Cash flows from Investlng actlvltles: Dlvldends, rebates, Interest and rents from Investments Proceeds from wlthdrawal of capltal Mana8ement fees and other costs Purchase of Investments Net cash provlded by Inv•stln8 artlvltl•s 4245,445 1,135,820 500,000 38,721 68,686) 40232 171269 1,213,408 1,605,855 N•t ¢a$h louthow)Ilnllow 1346,344 13.428 Change In cash and cash equfvaleftts In the year Cash and cash equfvalents at the start of the year Cash and cash equlvalents It the end of the ye•T 1346,344) 1.314,617 968273 13,428 1.301.189 1,314,617 Summary Income and Expendlture aCcO￿t 2025 2024 Total Incorne Total Expendtture Nel Income/(expendtture) for the year 1,245,445 (1.405.468) 1160,023 1.135.820 (1,550.269) (414,449 The accompanyln8 accounlln8 pollcles and note5 forni an Integral part of these flnanclal statements. 22 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2025 GENERAL INFORMATION The charlty ts a publlc benefit entity and a private Company Ilmited by guarantee. re8lstered In England and Wales and a regtstered charlty In England and Wales. The address of the regtstered offlce Is I Woolgate Court, St Benedlct's Street. Norwlch, NR2 4AP. ACCOUNTING POUCIES BASIS OF ACCOUNTING AND PREPARATION The flnanclal statements have been prepared In accordance wlth the Statement of Recommended Practlce: Accountlng and Reportlng by Charltles preparlng thelr accounts In accordance wlth the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS102) effectlve l October 2019, the Charltles Art 2011 and the Companles Act 2006. The flnanclal statements have been prepared under the hlstorlcal cost convention with Items recognlsed at cost or transactlon value unless otherwlse stated In the relevant notels) to these accounts. The Charlty Commlsslon Issued a unlting directlon on 11 March 2025 such that the financlal statements should show the aEgregation of the results of Norwlch Freemen's Charlty ('the charitable Compan￿,1 re8lstered number 09914994 and Nonvlch Freemen's Charlty {"the charlv,) reglstered number 1169460-1 for submlsslon to the Commlsslon. An aggre8atlon comblnes the results of the two entlttes as ff they were one entlty. The charitable company Is the sole trustee of the charity and accordlngly Is not the beneficial owner of the Charirfs assets. The unltlng dlrectton requires the charltable company to file one set of financial statements a￿regatIng the results of the charltable company and the charlty. Informatlon In respect of the charlty has been Identlfled separatety wlthln these finandal statements to allow proper identfficatlon of the assets and Ilabllltles of the charitable company as requlred by the Companies Act 2006. Norwlch Freemen's Charlty Is a publlc benefft entlty In accordance wlth FRS 102. INCORPORATION The consolldated flnanclal statements comprlse the flnanclal statements of No￿lCh Freemen's Charlty and Its Ilnked charlty uslng merger accountlng and aggregate the results, assets and liabllotles of Norwlch Freemen's Charlty for whlch the charltable company Is the sole trustee. Further detalls can be found In note 22. GOING CONCERN The Charlty has generated sufflclent financial resources from Its actfvltles. and holds a slgnlflcant level of ￿ndS to allow the Trustees to belleve that the Charity is well placed to mana8e Its operatlonal and flnanclal rtsks successfulty In the current economic climate. Accordln8ty, the Trustees have a reasonable expectatlon that the Charity has adequate resources to contlnue In operatlonal existence for the foreseeable future. thus they continue to adopt the golng concern basls of ac¢ountln8 In preparing the financlal statements. 23 NORWICH FREEMEN'S CIIARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2025 FUNO STRUCTURE Norwlch Freemen's Chartty has two types of fund, Endowment Funds, whlch are Permanent Endowments, and Unrestrlcted Funds. Regarding Endowment Funds, the Investment power of the Total Return Approach was granted to No￿lCh Freemen's Charlty by a Charlty Commlsslon Order on 24 January 2011 and was taken up wlth effect from l Aprfl 2012. The trustees of the charltable company passed a resolutlon on 10 Juty 2024 under $104A(2) and s104AA(2) of the Charities Art 2011 to adopt a Total Return approach. The power perniits the Trustees to Invest pemlanently endowed funds to maxlmlse total return. It also enables the Trustees to declde each year how much of the Unapplled Total Return Is transferred to Incorne funds and be avallable for expendlture. Unrestrlcted Funds comprtse those funds whlch the Trustees are free to use for any purpose In furtherance of the charltable objects. Unrestrkted Funds Include deslgnated funds where the Trustees, at their dis¢retlon. have created a fund for a specific purpose. Further detalls of each fund and designatlons are dtsdosed In notes 15 and 16. INCOME All Income Is included wlthln the Statement of Financlal Activities when the charlty Is legally entltled to the Income and the amount can be quantthed wlth reasonable accuracy. Rental Income Is reco8nlsed on an annualtsed basts as It falls due. Investment Income (Includlng bank Interest) Is recognlsed when recefvable. Rebates on investment charges are Included wlthln income. This reflects the nature of the charglng structure. FIXED TANGIBLE ASSErs Assets Induded In this category. whlch are used for dlrect charitable purposes. are stated at cost whlch Includes the cost of acqulsition plus further development and expendlture. Depreclatlon Is provlded on these assets uslng the followlng methodologv: 8asls Useful Llfe SO years 3-5 yea Long leasehold property Equlpment Stralght Llne over Estimated Useful Llfe Stral8ht Llne over Estlmated Useful Llfe g• FIXED ASSEf INVESTMENTS Investment propertles Includlng anclent endowment propertles are professlonally revalued every three years. Indlcatlve value changes are provlded by the Steward in the intervenlng perlods. The cost of Improvements is Benerally wrltten off to revenue and is only capltallsed If the Improvements contrllwte to an Increase In valuatlon. No depreclatlon Is provlded on Investment propertles or anclent endowment propertles. Investment properties and anclent endowment properties are shown at thelr falr value as at 31 March 2025. Otsposals are recognlsed when there Is certalnty as to the quantum and tlmln8 of the sale. Traded Investments are shown at falr value (calculated on a bid prlce basls) wlth htstorlcal cost separately dlsdosed. Net galns and losses arlsing on revaluatlons and dlsposals durln8 the year are Included In the Statement of Flnanclal Actlvltles. 24 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 202S h. ALLOCATION OF SUPPORT COSTS AND OVERHEADS Support costs and overheads have been allocated between charltable actlvltles and governance. Staff costs are allocated on the basls of a best estlmate of the tlme spent by each member of staff and thelr cost on each adfvty. Slmllarly, other costs are allocated on the basls of a best estlmate of the purpose of the expendlture. No allocatlon has been made to the cost of 8eneratlng funds as these actlvltles have been outsourced to professlonal organtsatlons for whlch speclftc char8es are recelved. Irrecoverable VAT Is charged agalnst the category of resources expended for whlch It was Incurred. GOVERNANCE COSTS Governance costs comprlse all costs Involvlng the publlc accountablllty of the Charlty and Its compllance wlth re8ulatlon and good prartlce. These costs Include costs related to the statutory audlt, any le8al fees Incurred for Trustee advl¢e and an apportlonment of 5UPPOrt costs and overhead5. GRANTS PAYABLÉ Grants are recognlsed as expendlture In the year In whlch they are approved by the Trustees. Grants whlch are unpald at the year-end are carrled forward as credltors. PENSIONS The charity contrfbutes to a group defined contrlbutlon personal penslon scheme. The penslon cost represents the annual contrlbutlons payable by the charlty under the rules of ihe scheme. JUDGEMENT IN APPLYING ACCOUNTING POUCIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the appllcatlon of the Charlty's accountlnB pollcles the trustees are requlred to make Judgements, estlmates and assumptlons. The estlmates and assoclated assumptlons are based on hlstorlcal eXperIen￿ and other factors that are consldered to be relevant. Actual results may dlffer from these estlmates. The estimates and underlylng assumptlons are reviewed on an on-golng basls. Revtslon to accountlng estimates are reco8nlsed In Ihe perlod In whlch the estlmate Is revlsed, If the revlslon affects only that perlod, or In the perlod of the revlsoon and future perlods If the revlsoon affects both current and future perlods. The estlmates and judgements that have a slgnlficant rlsk of causln8 a materlal adjustment to the carryln8 amounts of assets and Ilabllltles wlthln the next flnanclal year are as follow5: Fafr value of Investment propertles: Investment propertles Includln8 anclent endowment propertles are recorded at thelr falr value. Such values requlre the appllcatlon of Judgement wlth regard to the nature of such propertles taklng account of current market condltlons, lease terms and factors specthc to Indlvidual properties. An Independent valuer Is retalned to provlde an estlmate of falr values for flnanclal statement purposes. Further information Is provlded in Note Illb) and (c). Depredatlon of Axed Assets: Tanglble flxed assets, agalnst whlch depreclatlon has been char8ed In Ilne with accountlng pollcy: the quantum of the charge and the carrylng value of the assets can be found In noie 10. 2S NORWICM MÉÉlaEMSCHAAirY NOTES TOTHÉ REPORT ANO FINANOAI STATEMENTS Fortheyear•hJed 31 M¥r75 77.716 4oJJo 15.117 6M25 Bad debt provtslon Irncti¥eiable VAT 118371 33.962 211,762 215W5 193A97 28 28 433,787 95.621 53W 34A8# 477J65 1121.1461 I74.￿1 626 3yml 16 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANQAL STATEMENTS For the year ended 31 March 2025 INTEREST RECEIVABLE, tXVlDEND5 AND REBATES 2025 2024 Bank and other interest Investment Income (Dlvldends and Rebates) from securltles wlthln: - Unrestflcted funds - Endowment funds 12,457 11.620 32.562 304A83 349.502 32,493 303.839 347,952 GRANTS PAYABLE AND RELATED COSTS 2025 2024 Grants payable Educatlonal Pensloners grants (Includ1￿ TV Iltences) General 8rants / Rellef In frleed Other or8antsations In￿e 201 35,727 70,367 (191 583.980 690.055 47,806 65,105 7.570 693,939 814,420 A total of 6912024: I￿) erants have been made to indlvlduals. 2025 2024 Grant4naklng support ¢osts Staff costs General offlce expenses Irrecoverable VAT 150,976 52,771 146,339 47,832 17,313 211,484 206,433 Totsi grants payable and related costs 896.488 1.025.904 GOVERNANCE COSTS 2025 2024 Staff costs Audft fee General offi￿ expense5 Irrecoverable VAT 16,775 12.455 17,649 2.687 49￿66 16,260 10.060 21,594 4.328 52,242 No remuneratlon was pald to T￿￿teeS(2O24. £Nil) arKI £130 travel expenses were relmbursed to 4 trustees 12024; £38 to 2 trustees). Non audlt fees payable to the audttor amounted to £802 for taxation seThlces12024: £2,367). 27 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the yearended 31 March 2025 From l Aprfl 2024 all staff are Jolntly employed by Norwlch Consolldated Charltles, Anguish's Educational Foundatlon and Norwich Freemen's Charlty. Norwlch Consolidated Charftles runs the payroll, and the costs of the staff at Wool8ate Court (the charttles. main offlce) are recharged to AEF and NFC. The followln8 Staff costs were retharged from Norwkh Consolidated Charitles durln8 the year, Thls amounts to a one thlrd share of the cost of Officers, Senlor Executives and all staff at Woolgate Court. 2025 2024 Wa8es and salarles Soclal security Costs Penslon costs Llfe Insurance 141396 11,540 12,613 1202 167.751 135,540 13,745 11,987 1,327 162,599 Allocat14yn: Grant-maklng support costs Governance costs 150,976 16.775 167.751 146,339 16,260 162,599 Included In the above figures Is an amount of £2.175 belng annual leave earned by staff not yet taken to 31 March 2025 (2024: £1.842). The Charity conslders Its kty management personnel to be the Chlef Executlve Offlcer, Dlrector of Finance, and Grants Manager. The total gross employment benefits of the key management petsonnel {before recharges to Angutsh's Educatlonal Foundatlon and NoThikh Freemen's Charlty) were: 2025 2024 Wa8es and salarfes Soclal securlty costs Penslon contrlbutlon coAs 225,886 27,406 22,111 275.403 205,173 24,547 20,217 249,937 The followlng numbers of employees had remuneratlon falllng wlthln the bands below, before recharges to related charltles. Number of employees 2025 2024 £70,001- £80.000 £80,001- £90,000 £90,001- £100,000 £ioo.001- £iio.000 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2025 STAFF COSTS (CONTINUED) The avera8e number of employees was: Number of employees 2025 2024 Offlcers and senlor executlves Full tlme- Woolgate Court Part tlme-Wool8ate Court io 11 TAXATION NoNlch Freemen's Charlty Is a charlty wlthln the meanln8 of the Taxes Acts and Is, therefore, ellglble to clalm certaln exemptlons to Income tax and capltal galns tax. As a consequence no charge to taxatlon arlses for the year. The Charlty Is subjert to Value Added Tax under the partlal exemptlon rules. NEf INCOME Net Income Is started after char8ln8: 2025 2024 Operatln8 lease payments (recharged from NCC) Depreclatlon 427 5.051 451 5.351 TAN618LE FIXED ASSErs Lon8 leasehold property Equlpment Total At l Aprll 2024 and 31 March 2025 221,611 2,758 224,369 Depreclatlon At l Aprll 2024 Charge for the year At 31 March 2025 70,914 4,432 75,346 2,139 619 2,758 73,053 5,051 78,104 Net book value at 31 March 2025 146.265 146,265 Net bookvalue at 31 Marth 2024 150,697 619 151,316 29 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FII4AN(JAL STATEMENTS For the year ended 31 Marth 2025 11. FIXEO ASSET INVESTMENTS la) Summary 202S 2024 Investment propertles In UK at open market value (note Ilb) 8,055.000 Anclent endowment propertles In UK at open market value (note Ilc) 11.226J)00 Quoted Investments (note Ild) 9.692.239 28.973.239 8.185.000 11,226,000 9.559.660 28.970.660 Ib) In￿stm•1rt Prop•rtl•s 2025 2024 At l Aprll 2024 Revaluatlon At 31 March 2025 8.185.000 130.0001 8.055000 8.825.000 1640,000 8,185,000 The Investment propertles have a hlstorlcal c05t of £6,719,412 {2024: £6,719,412). Investment propertles and Anclent endowment propertle5 are professlonally re-valued every year bv our Steward. A full valuatSon Is carrled out every three years, and a desk top update Is carrled out each year between the trlennlal valuatlons. The basts of the valuatlons Is falr value and the last full valuation was carrled out on 31 March 2024. 1¢) Andent endowment wopertles wlthln UK 2025 2024 At l Aprll 2024 Revaluatlon At 31 Mar¢h 2025 11,226.0 10,764,000 462,000 11,226,000 11,226J)l)O The anclent endowment propertles, orl8lnally havlng been Bffted to the charity, have a hlstorlcal cost of £221,60412024: £221,604). Note 11(b) provldes commnlary on the basls of valuatlon at 31 March 2025. NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 202S 11. FIXED ASSET INVEsfMENTS (CONnNUEDI (d) Quoted Investments 2025 2024 Market value at l Aprll 2024 Reallsed 8alns relnvested Unrealised revaluatlon 8ains/llosses) Sales proceeds wlthdrawn from the portfollo Addltlons- fee rebates Mana8ement fees and other costs Market value at 31 March 2025 9,559.660 9,325,69S 102.345 601,655 {500,000) 68,686 38,721) 9,559,660 100.542 72.269 (40,232) 9.692,239 Market value Endowment Fund 6,986,986 Sarasln Endowments Fund Class A INC 29,12S Cash 8,726,746 29,125 8,755A71 6,288.897 29,125 6,318,022 General Fund 747,200 Sarasln Endowments Fund Class A INC 3,115 Cash 933,253 3,115 936368 672,546 3.115 675.661 At 31 Mar¢h 2025 9,692,239 6,993,683 At 31 March 2024 9,559,660 6.961,646 31 NORWICH FREEMEN'5 CHARITY NOTES TO THE REPORT ANO FINANCIAL STATEMENT5 For the year ended 31 March 2025 11 DEBTORS 2025 2024 Rents receivable Other debtors Prepayments 66￿26 16.592 7,947 91,365 120A48 13. CREOITORS: AMouKfs FAWN6 DUE WITHIN ONE YEAR 2025 2024 Grants to Other Organlsatlons - commltted In year ended 31 March 2025 Grants to Other Organlsatlons - committed In year ended 31 March 2024 Grants to Other Or8anlsatlons - commltted In year ended 31 March 2023 Grants to Other Organlsations- commltled In year ended 31 March 2021 Grants to Other OrEanlsatlons - commStted in year ended 31 March 2020 Grants to Indivlduals Other credltors Amounts owed to connerted tharltles Inote 18) Other taxes and soclal securlty Accruals Oeferred Income - Rents recelved In advance 109,434 35,000 15,000 31.332 66,304 8,005 36,841 136,061 23,818 42,468 99,306 494,135 875 21,291 54,859 23,566 58,239 9S,619 363￿83 Some of the Grants to Other Organlsatlons Included above relate to lon8-temi fundra151￿ projects whlch are ongolng. Some tlme can therefore elapse between these belnB 8ranted and beln8 pald. Deferred rental Income at the beg5nnln8 of the year Income released In the year Income deferred In the year Deferred rental Income at the end of the year 99306 199306) 95.619 95.619 110,367 (110,367) 99,306 99,306 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANQAL STATEMENTS For the year ended 31 March 2025 14 ANALYSIS OF NEf ASSETS BETWEEN FUNDS Fund balances at 31 March 2025 are represented by: Unrestricted funds Endowment funds Total Axed assets Tan8lble assets Quoted Investments Investment Propertks 146,265 936.367 146.265 8.755.872 9.692.239 19,281.000 19.281.000 28,036,872 29.119.504 23,641 724,838 28.060.513 29W.342 1.082.632 701,197 1.783.829 Net current asmts Total Nrt assets Fund balance5 at 31 March 2024 were represented by: Unrnstrlrted funds Endowment funds Total Flxed assets Tan8lble assets Quoted Investments Investment Propertles 151,316 923,559 151,316 9,559.660 19,411,000 29,121,976 911.847 30,033A23 8,636,101 19,411,000 28.047,101 351,607 28A98,708 1,074.875 560,240 1,635,115 Net current aMets Total Net assets 33 NOrt￿CH MÉthqU4SCHARffY OTESYOTHE AEPORT A140 ANANCIALSTATEMENTS Foftheyearended 31 Mafth 2025 1% IMIAEsIAKfEDFUN C¢w¢ TWI eal•n¢eat l Aprll 2024 frletexpendsturt before ea1￿ on In¥esth￿ftts Trathsfws-Allo¢atton from the UnapplledTotal Retum 6alnsoth revaluat1￿oIQ￿Q1Od In¥eMments Trattslef fr*)rn des18naied fur Trathsfer frwn Quothd Iii¥estment Ilevaluatloth ReseNe Transfef from Project Fund Oalanceat 31 Marth 2025 1,113,266 I￿￿99) IWa.OC#) 120.153 ISONJ7 1,61SIIS 1904,9991 I.Q44A 9.713 9.713 4A32 14.4321 286.972 146265 &78IM29 The lth¥esthien¢ Re48tyJatlon Resep4e fepresents the lrttrtase In lali¥alueof ihequoted Ifr4estrneMsabo¥t thelr hls10tsl￿$1. The Prnlect f¢preseAts (￿d5 set ashjet0enab￿US to ￿nd￿nestrate¢￿lkn81efM wolects. Wool8a* cl)￿ FuThl i•presents the Chailrfs In" share ol the MI value ¢lthe olfice preffAses at Wool4a¢e Court. The trnnsfef fr¢m Ihts 106ertetal Surplus represents ihedepredaifv ¢har8*fortheyear. IIOAWICM IAeÉMÉIIS(IIAAirY NOTES TOTHE REPOAT*IIO FININOA STAlfME14TS Forthe y*areThle7 Th• In¥esim•fflt prngqrtYft￿l*AdOI thi kn4seknfalrvak*olthe pn¥penies •btyethelr hls¢orknl cost. Itprts¢nwnt kni•bJJ¢lofill•MMiewM•rtS In l•li¥•h* ofii*9wi4d hweMrn•nts •lmthelr trAKorfc•l cosi. ORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 Marth 2025 16 ENOOWMENT FUNDS (CONTINUEDI (b) THE UNAPPUEO TOTAL REfuRN AND FUND TRANSFERS The Investment power of Total Return was granted to Norwlch Freemen's Charlty. the unlncorporatsd charlty, by a Charlty CommI￿lOn Order on 24 January 2011 and was taken up with effect from l Aprll 2012. The trustees of the charltable company passed a resolutlon on 16 Juty 2024 under $104AI2) and $104AAI2) of the Charitles Act 2011 to adopt a Totsl Return approach. The power pernilts the Trustees to Invest pernianently endowed funds to maxlmtse total return. It also enables the Trustees lo declde In each year how much of the Unapplled Total Return Is transferred to Income funds to be avallable for expendlture. In doin8 $0, the Trustees have regard to malntalnln8 the value of the fund In real ternis, and of meeting the needs of both current and future beneflclarles. Thls table records the movements w5th5n the Unapplied Total Return durlng the financlal year. 2025 Value of the Total Endowment Funds at l April 2024 Less value of the Orlglnal Gfft Openlng value of the Unapplled Total Return 28,398.708 18.806.000} 19,592,708 Add: Investment Income from Rentals Investment Income from Dlvidends and Rebates Unrealtsed galn on revaluatlon of Quoted Investments 89S,943 304,483 90,829 1,291,255 Less: Property expenses Investrnent charges Unreallsed loss on revaluatlon of Investment Propertles (418,378) 137.072) 1130.OIJO) 1585.450) 11.044.000) 19.254.513 8,806.000 Less allocatlon to the Trnst for Appllcatlon Closln8 value of the Unapplled T￿al Return Add value of the Orl8lnal Gift Value of the Totsl EndQv￿nert Funds at 31 March 2025 28,060.513 17 ANALYSIS OF CHANGES IN NEf DEBT At the start of the year Cash Flows At the end of the year Cash at bank and In hand 1.314,617 {346,344) 968,273 36 NOftWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2025 18 PENSION COMMITMENTS The charoty contrlbutes to a 8roup personal penslon scheme. The assets of the scheme are held separately from those of the charlty In an Independently admlnlstered fund. The penslon char8e represents contrlbutlons payable by the charlty to the fund and amounted to £12,613 In the year (2024: £11.987). 19 CONNEcfEO CHARITIES ANO OTHER RELATED PARTIES Connected Charltl The Charlty Is connected to Norwlch Consolldated Charftles and Angulsh's Educatlonal Foundatlon as deflned by the Statement of Recommended pract1￿. 'Accountlng by Charltles. and Is a related party as deflned by Flnanclal Reportlng Standard 102 due to the common membershlp of the Board of Trustees as descrlbed In the Trustees, Report on pa8e 12. Norwlch Freemen's Charlty, Norwlch Consolldated Charltles and Angulsh's Educatlonal Foundatlon share equalty the cost of the admlnlstraiion functlon based at Wool8ate Court. The prlnclpal address Is the same for all three charltles. All three charltles were In the process of becomlng Incorporated as Charltable Companies Ilmlted by guarantee. Therefore three domiant companles exlsted In preparntlon for thls. On l Aprll 2024 the actlvltles and operatlon of the unlncorporated charlty, number 235678. were transferred to Norwlch Freemen's Charity, a company Ilmlted by 8uarantee. company no. 09914994 and charlty no. 1169460. The assets and liabilities also transferred. wlth the exceptlon of endowment assets to the value of £8,806,000 whlch were retalned In the unlncorporated entlty. Durln8 the year Norwlch Consolldated Charlties charged Norwlch Freemen's Charlty £191,155 In costs (2024: £218,731) and Angulsh's Educatlonal Foundatlon charged Norwlch Freemen's Charlty £40,524 (2024: £44,632). Settlements made durlng the year were £253,48012024: £209,146) to Norwlch Consolldated Charltles and É59,40012024: £40,491) to An8ulsh's Educatlonal Foundatlon. At 31 March 2025 a balance of £44,513 was owed to Norwlch Consolldated Charltles (2024: £106,838) and £10,346 was owed to Angulsh's Educatlonal Foundatlon (2024: £29,222). Other Related Partles Or8anlsatlon 2024125 Royal Norfolk Reglmental Museum The Church of 5t George. Tombland Grant Related party £7.500 Nlgel Back Is a trustee Melanle Kenl Is a member of the Parochlal Church Councll £6,692 Norwlch School £5.019 Nl8el Back Is a trustee Davld Fullman Is a trustee and Chalr St. Edmunds Soclety £23,798 2023124 Norwlch School £9,000 NIBel Back Is a trustee Nlgel Back Is the husband of the lead appllcant Read Easy UK £4,690 37 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 202S 20 GRANTS TO OTHER ORGANISATIONS Organlsatlon Wheatfen Forest School Purpose of Grant Establlshlng a Forest School for young people with soclal, emottonal and mental health needs Fundlng towards muslcal performances by youn8 people at the Royal Norfolk Show Towards the cost of female frlendly kayaks, paddle boards and canoes Support for a volunteer-led breastfeedlng group io,o(x) Royal Norfolk A8rfcultural Assoclation Norwich EaBle Canoe Club Llmited Breastfeedlng Support Norwlch and Norfolk North Walsham Atrium Soclable Communlty Clnema The Paplllon Project Towards developlng and creatlng school allotments Jurnet's House Fundlng towards feasiblllty Studies for a herltage project Wlnteron on Sea Gardenln8 Towards subsldlslng trlps for older members and Club attractlng vtsltlng speakers Sprowston Junlor School Funding towards hlgh qualtty arts provision in the school Reel Connectlons CIC Fundlng towards a record club desl8ned to connect people through muslc Fundlng towards a complllng a catalogue of rnedleval stained glass in Norfolk Fundlng towards hlgh quallty arts provtslon In the school Towards the cost of exhlbltlng and celebratlng Norwlch's medieval herltage and art Providing playground equlpment New equlpment and tralnlng for members Opportunltles for students to work creatlvely wlth the collectlon and display their work A famlly fun day for D/deaf chlldren and thelr famllles 7,500 3,000 Fundin8 to enable subsldlsed tlckets for a community clnema 2.000 10,000 10,000 1,160 30,200 Corpus Vltrearum {Great 8rltaln) Barford Prlmary School Hungate Medleval Art 10,000 30.350 9.150 The Free School Brundall Men's Shed Royal Norfolk Reglmental Museum National Deaf Chlldren's Soclety- Norwlch Branch Weybread Ocean Lake CIC 5,845 4,500 7,SOO s,000 Towards creatlng a recreational wlldlffe slte for the public. Creatln8 a dlgltal polnls system for a pre-loved clothlng shop Core costs towards helplng those In flnancial need bulld financial skllls and knowledge Speclaltst health relationshlp projects In alternative provtslon settings Provlslon of a vlbrant. participative Ilve arts experience Funding towards a new bullding for use by the scouts and the wlder communlty Towards creating a safe and secure garden for the nursery Runnlng a food discovery pro8ramme in three schools FundlnB towards core costs for thls theatre company A technology based competttlon for 80 young people Is,000 New-u Enterprlses Ltd Yourown Place 15,000 Tender Educatlon and Art 8,8S8 Total Ensemble 33rd NO￿aCh Scouts Is,000 25,000 Treehouse Chlldren and Famllles Centre The Country Food Trust Curlous Dlrectlve Step Into Tech CIC 8,500 14,760 10.000 16,000 38 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS Forthe yearended 31 March 2025 GRAATS TO OThER ORGANISATIONS (CONTINUED) SOS Bus Norwlch Fundlng towards core costs to keep the SOS Bus open on Friday and Saturday evenin8S Pollsh language and cultural educatlon and actfvftles for chlldren of Pollsh parents Towards the cost of repalring a hlstorlc wlndow 8,365 Norfolk Internatlonal Lan8ua8e School CIC The Church of St Geor8e. Tombland The Benjamln Foundatlon 5.019 6,692 Re•vampln8 a nursery garden for chlldren wlth additlonal developmental needs Towards a maths symposlum for chlldren from State sch¢y) Towards the cost of re41istrlbuting surplus food to member charities in Norwich and surroundlng area Towards costs of repalrln8 a Ilft to enable access for people with dtsabilitles Funds towards playground Improvements and new equlpment. 4.182 Norwlch School 5,019 Fareshare - East Anglla 8,365 Anteros Arts Foundatlon S,855 Frlends of Great Wltchlngham Prlmary School Smallburgh Vlllage Hall and To provlde ac￿sSIble play equlpment for chlldren wlth Playlng Fleld Charjty disabllitles Brampton Vlllage Hal Funding towards the refurblshment of the hall The Matthew Project Fundlng for a programme supporting adults recoverlng from substance mlsuse Rememberlng Together CK Supportlng bereaved people thmu8h tteative arts Norfolk County Music Supporting state schools, preparatlon for and Festfval partlclpatlon In a muslc festlval Toy Llke Me ac Towards the cost of a baby and toddler group for familles wlth a Dldeaf person. St. Edmunds Soclety Welfare and support systems ArtsTable Provtslon of an after-school arts club East Angllan Alr Ambulance CPR and defibrlllator tralning In schools Flrst Steps Norwlch ac Resources and support for stay and play sesslons The Hamlet Centre Trust Speclallst pre4chool education for chlldren with disabllltles and complex needs Contrlbutlon to core costs. Saturdty morning children's breakfast and boardgames club Contrlbutlon to core costs Fundlng towards meals for girls on an International football tour A tWO•nlght resldentlal event for young carers 5,019 4,182 12.547 16,730 6,274 4,182 13,384 23.798 1,840 12,547 925 10,000 New Routes Inte8ratlon St Matthew's Church 30,000 5.21KI Menscraft Thorpe St Andrew school and slxth forni Norfolk and Suffolk NHS Foundatlon Trust Young Carers Charltsble Fund Swanton Morfey Parlsh Councll Norfolk Communlty Arts 15,000 1,500 10.000 Addltlon of a four person swln8 to the exltln8 Ablllty Swlng Freel￿duced cost access for young people to muslcal instrument tuftlon and group performance 11,000 35.01)0 NOR￿cH HIEEMEN'S CHARITY NOTES TO THE REPORT AND ANANCIAL STATEMENTS For the year ended 31 March 2025 20 GRANTSTO OThER ORGANISATIONS (coKllNUED) Movement. Mlnd and Motlon Matters {M4 Group) CIC St Francls of Asstsl Catholc Creatlng a teachers. network for the arts In primary Primary School schools CAST Educatlon Sclence competltlon for young people Natlonal Centre for Wrltlng Free famlly days at Dra8on Hall 2nd Hellesdon Scout Group An Indoor bouldering wall and upgrading of outdoor plav equlpment A pllot of a free. opera communlty chorus A supportlve educatlonal programme for looked after young people Preservation of a htstorlc wlndmlll Funding for a part tlme centre manager Group physlcal actlvlty sessions for chlldren 20.300 4,500 12,012 16,000 Into Opera Flrst Star Scholars UK 7,650 20,000 Wlnd Energy Collectlon Catton Grove Communlty Centre 30,000 25,206 691.616 107,636) Less: Prfor year grants Can￿lled Totsl for 2025 £583,980 Total for 2024 £693,939 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2025 21 SOFA - COMPARATIVES (YEAR ENDEO 31 MARCH 20241 Unrestrfrted lunds Endowment lunds Total 2024 Note Income and endowments from: Investments Rental Income Interest recelvable - Dlvldends and Rebates Tot•1 Income 787,868 787.868 11.620 336,332 1,13S,820 11.620 32.493 44.113 303,839 1,091.707 Expendlture on: Ralsln8 funds - Property expenses -Investrnent char8es Charltable artwlties - Grants payable and related costs Governance costs Total expendlture 1433,787) (34,632) 1433,7871 (38,3361 (3,704) I1￿25,904> (52.2421 IA181A50) (1￿25,904) 52.242) 1,550269) q468N19) Sub total (1,037,737) 623,288 1414,449) Transfer between funds 1,024,lJOO 11,024,000) Net lexpendlturell In￿e 113,737} 1400,712) 1414,449) Unreallsed galnslllosses) on Investments -Quoted Investments - Investment Propertles Reallsed 8alns ¢Jn Investments - Quoted Investments dlsposal Net movement In funds 11(d) 11(b,c) 58,126 543,529 1178,000) 601,6SS 1178,000) 92,457 57.274 102,34S 111,551 54,277 Recondllatlon of funds: Total funds brought forward Total funds ¢arrled forward 15. 16 14 1,580,838 1.635.115 28,341,434 28,398,708 29.922.272 30,033,823 41 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2025 INCORPORATION On l Aprll 2024 Norwlch Freemen's Charlty. unlncorporated charlty number 235678, transferred all of its assets and liabilÉties, except for assets to the value of £8.806.000 belng the value of the orlglnal gfft, to Norwich Freemen's Charity, company number 09914994 and reglstered charlty number 1169460. Thts has been accounted for as a mer8er. The value of the ori8inal gfft was required to be retained in the unlncorporated charlty for legal reasons. There being no specific requirement for particular assets to be retalned, It was Judged appropriate to retaln a portfolio of quoted Investments. From l April 2024. the unlncorporated charlty has no activity. All income and expenditure is Included In the Incorporated dwrity. The unincorporated charlty retalns any galns and losses on Its quoted Investment portfolkn. Analysis of prlndpal SOFA COM￿?￿ents for the year ended 31 March 2025: NFC NFC NFC NFC Unlncorporated Incorporated Unlncorporated Charity Charity Charity Incorporated Charlty (wfrmer8er) (pre￿￿er8er> (post4nerger) (post-meryer) Comblned total Total Income Total Expendtture Net Income/(expendlture) Other 8alns/{losses) Net movement In funds 1,245.445 1,405,468 (160,0231 (129.829} (289.852) 1,245,445 (1,405A68) 1160J1231 129,458) {189,481) 100,371 100,371 Analysls of prlnclpal SOFA components forthe year ended 31 March 2024: NFC NFC Unlncorporated Incorporated Charlty Chartty Comblned Total Income Total Expendfture Net {expendItUre)￿ncome Other (losses)18alns Net movement In funds 1,135,820 1.550,269 (414.449) 526,¢J)O 111,551 1,135,820 (1,550,269 1414,449) 526,1)00 111.551 42 NORWICH FREEMEN'S CHARITY NOTES TO THE REPORT AIID FINANCIAL STATEMENTS Forthe year ended 31 Marth 2025 INCORPOftAnoN OF THE CHARITY {CONllNUED) Anafysts of net assets at 31 March 2024: NFC NFC Unlncorporated Incorporated Charlty (pre- Charfty merger) (prtrmeoer) (prtrmerzer) Comblned Total Flxed assets Current assets Current Ilabllltles Totsl net a￿ets 29.121,976 1.405,982 494.135) 30.033,823 29.121.976 1.405.982 1494.13S 30.033.823 Represented by Unrestrlcted funds Endowment Funds Total Fun(ts 1.635.115 28,398,708 30,033￿23 1.635.115 28,398.708 30,033,823 Assets to the value of the or*lnal 8fft, £8,806,OC¥) were retalned In the unlncorporated entlty as at l Aprll 2024, as follows: Unrestrlrted Endowment funds funds Total Quoted Investments Tot•1 169,899 169,899 8,636,101 8,636,101 8,806,000 8,806,000 Quoted Investments were trnnsferred ai market value. The net assets of the un1ncorp￿ted charlty as at 31 March 202S were: Unrestrftted Endowment fvnds funds Total Quoted Investments Total 150,500 150J 8.755,871 8,755,871 8,906,371 8.906.371 43