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2026-03-31-accounts

NORWICH FREEMEN’S CHARITY

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2026

Registered Charity No 1169460 Registered Company No 09914994

NORWICH FREEMEN’S CHARITY

CONTENTS

INDEX PAGE
Reference and Administrative details 1-2
Report of the Trustees (Including the Directors’ report) 3-18
Independent auditors report 19-22
Statement of Financial Activities 23
Balance sheet 24
Statement of cash flows and Summary Income and expenditure account 25
Principal Accounting Policies 26
Notes to the report and financial statements 29-46

NORWICH FREEMEN’S CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS

For the year ended 31 March 2026

The trustees, who are also the directors for the purposes of company law, present their report and financial statements of the charity for the year ended 31 March 2026.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006, and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Administrative details

Charity Name: Norwich Freemen’s Charity Registered Charity number: 1169460 Registered Company number: 09914994 Principal Office: 1 Woolgate Court, St Benedict’s Street, Norwich, NR2 4AP

Trustees

The trustees, who are the directors of the charitable company, that served throughout the year and to the date of approval, are listed below:

Nominated by the Common Hall of Freemen of the City of Norwich

Period of Office

5 years until 13 January 2030 or until an earlier date in January 2030 which the Common Hall to be held in 2030 shall decide:

Phillip Armes (Appointed 1 July 2026) John Burton (Appointed 17 September 2025) Jenny Coe Cynthia Cooke Owen Gibbs (Resigned 16 January 2026) Melanie Kent Stuart Lamb Michael Quinton John Rushmer

Nominated by the Trustees of Norwich Consolidated Charities

Brian Bolt From 15 April 2026 to 15 April 2030 Mark Davies Until 15 September 2029 David Fullman Until 19 October 2027 John-Paul Garside Until 2 September 2027 Kevin Maguire Until 8 December 2027 Matthew Packer Appointed 25 June 2026 Emmanuel Sheehan-Flick From 9 April 2025 to 9 April 2029 Jeanne Southgate Until 13 March 2026 Boyd Taylor Until 9 December 2028

Key Management Personnel

Chief Executive Officer Finance Director Grants Manager

David Hynes Becky Bird Sandra McAfee

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REFERENCE AND ADMINISTRATIVE DETAILS

NORWICH FREEMEN’S CHARITY

For the year ended 31 March 2026

Advisors:

Bankers: Barclays Bank PLC 3 St James Court Whitefriars Norwich, NR3 1RJ The Charity Bank Limited Fosse House 182 High Street Tonbridge, TN9 1BE Auditor: Lovewell Blake LLP Bankside 300 Peachman Way Broadland Business Park Norwich, NR7 0LB Solicitors: Cozens-Hardy LLP Castle Chambers Opie Street Norwich, NR1 3DP Anthony Collins 134 Edmund Street Birmingham B3 2ES Property investment Advisors: Brown & Co LLP The Atrium, St Georges Street Norwich, NR3 1AB Quoted investment advisers: Sarasin & Partners LLP 50 George St London, W1U 7DY

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

INCORPORATION

The company was incorporated on 14 December 2015 and is limited by guarantee. The company has received approval from the Charity Commission as a charitable company, registered number 1169460, on 3 October 2016.

From 1 April 2024 the activities and operation of the unincorporated charity, Norwich Freemen’s Charity, unincorporated charity number 235678, were transferred to Norwich Freemen’s Charity, a company limited by guarantee, company no. 09914994 and charity no. 1169460. The assets and liabilities were also transferred, with the exception of assets to the value of the original gift £8,806,000. The two entities are now linked under a Uniting Direction issued by the Charity Commission on 11 March 2025, with the company being the reporting charity. Any references to ‘Charity’ refer to the unified entities of the unincorporated charity and the company.

OBJECTIVES AND ACTIVITIES

Our purposes as set out in our governing document

The ‘objects’, as stated in the Memorandum and Articles of Association are:

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

iii. the provision and support in the interests of social welfare of facilities for recreation and other leisure time occupation with the object of improving the conditions of life for the inhabitants of the Area of Benefit; or

The Area of Benefit is defined as the area within a 20-mile radius of the City of Norwich Guildhall.

These objectives mirror those of the previous scheme dated 10 May 1983.

Norwich Charitable Trusts shared values statement:

We have a common statement of values across our three grant-making charities (Norwich Consolidated Charities, Anguish’s Educational Foundation and Norwich Freemen’s Charity) as follows:

Equity

The world is full of difference. We value and respect this. We will be inclusive, enabling, and nonjudgmental. We will not assume that we know or understand lives which are not our own and will therefore ask and seek to learn.

Transparency

We will be transparent in all that we do other than where transparency would be damaging to individuals or organisations, to our ability to carry out our work or where it would be illegal.

Lack of transparency can be damaging to our individual and organisational beneficiaries in many ways. It can waste their valuable time and it can provide false hope which may delay or prevent the search for alternative sources of support.

Courage

We will have the courage to ask, to question and to challenge. We will also have the courage to take calculated risks in our grant-making. We will be ambitious, bold, agile, and unafraid to fund both the new and innovative and the ‘old’ and proven. We recognise that we don’t simply exist to make grants – rather our purpose is to enable positive change through our grant-making and through the use of our other assets and resources.

Collaboration

We will collaborate with those we seek to support and with other organisations where we share values and vision. We will be approachable, caring, responsive, professional, and we will listen.

We remain conscious of the inevitable power imbalance between ourselves and our beneficiaries and we will do all that we can to mitigate this. We also remain conscious of the need for second chances – for both individuals and organisations.

Norwich Freemen’s Charity vision statement

  1. A world in which Freemen of Norwich and their dependant relatives, who are in financial need, have that need reduced through our grants.

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

  1. A world in which people who live within a 20-mile radius of Norwich Guildhall and are in financial need, have that need reduced through our grants to organisations - and in which those living in that area who wish to, can access high quality community, advice, support, recreational, cultural, and heritage projects, facilities, and activities.

Norwich Freemen’s Charity Mission Statement

will:

  1. …ensure that this aspect of our grant-making also focusses on those who are in financial need and that the work of the organisations we make grants to makes a significant positive difference to their lives.

  2. …ensure that the community, advice, support, recreational, cultural, and heritage projects, facilities, and activities that we make grants towards are welcoming, available, accepting of, and accessible to all.

    • In relation to all of our grant making, to both Freemen and non Freemen, we will:

  4. …ensure that our eligibility criteria and application processes are clear, simple, transparent, nonjudgmental, and waste as little of our applicants’ time as possible.

  5. …review our grant-making and associated policies and procedures on an ongoing basis and change and adapt these as appropriate in response to changing need and other relevant information.

Public benefit

We confirm that in providing the above services and in writing this report, we have had regard to the guidance issued by the Charity Commission on public benefit.

Our main activities during the year

Grant-making

Grants to Freemen

The purpose of our making these grants is to contribute towards improving the quality of life for Freemen and their eligible relatives who are in financial need and cannot get any further help from the State.

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

There are four grant streams available to those Freemen and their dependant relatives who are in financial need. The range of grants which we have been able to provide have either lessened the financial hardship or distress which they have been facing or have enabled access to educational opportunities/facilities which would otherwise not have been possible.

We have listed these streams (and the sub streams within them) below:

General Grants

These grants can be awarded to meet a wide range of needs, such as:

Educational Grants

These grants can be awarded to meet a wide range of educational needs, such as:

Grants for those who have retired

In addition to any of the above grant streams, we are also able to make regular discretionary payments to those who have retired.

Funeral Grants

These grants aim to provide help towards the cost of a funeral for a Freeman or a dependant relative of a Freeman.

Grants to organisations

During the year, our application procedure in relation to grants to organisations was as follows:

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

In addition to the above, we also encourage organisations to meet with us informally to discuss the challenges they are facing and the ways, other than in addition to grant-making, in which we may be able to help/support them and/or to discuss projects which are currently at the ‘ideas stage’.

ACHIEVEMENTS AND PERFORMANCE (INCLUDING STRATEGIC REPORT)

Grant-making to individuals (Freemen)

Grants for those who have retired:

During the year we made 28 annual grants totalling £49,140.

General Grants:

During the year we made 4 grants totalling £5,172, a prior year grant of £791 was cancelled.

Education Grants:

During the year we made 14 educational grants totalling £40,340.

Support to non-Freemen through grant-making to organisations

After grants to eligible Freemen, we use remaining funds to give grants to organisations whose aims fit well with our objects. These are largely organisations which, through their work, aim to promote the education of people who are in need of financial assistance or to provide facilities for recreation and leisure-time activities – in particular, but not exclusively, those related to the rich heritage and cultural life of our area of benefit.

During the year we agreed 65 grants to other organisations, totalling £843,286: the average grant was £12,974. The largest single grant we made was for £50,000, the smallest for £3,800. Full details of grants to other organisations can be found in note 21 to the accounts.

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

The work and projects which we funded/contributed to funding during the year included:

A rage of educational projects benefitting children and young people:

A range of projects/work with or for groups of people with specific needs:

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

A range of projects supporting community members:

Shortly after the end of the financial year, we made a grant of £117,595 to the SAW Trust (Science Arts and Writing). This will be a jointly funded project with Anguish’s Educational Foundation, with AEF having made grant of an equal amount earlier this year. This project will see the SAW Trust leading a science education programme in three primary schools over the coming two years which will nurture curiosity and inspire creativity amongst the pupils. Some highlights of the programmes will include working scientists spending time in the schools and pupils visiting local and national science activity centres (note 14).

The investment and distribution of our funds

Whilst this is not an ‘activity’ in the same sense that the provision of our grants is, it is nevertheless a vital ‘activity’, indeed an absolutely essential part of what we do. Our ability to allocate funds now and in the future depends entirely on the effective investment of our endowment.

In seeking to manage our investment effectively, our two overall objectives continue to be:

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

We assess the appropriateness of our investment policy in terms of average performance of the Fund for Investment over the period of an economic cycle of 7-10 years. This is against the stated objective of an average overall 7% total return per annum, which when inflation, estimated at 3% per annum, is deducted gives a real rate of 4% on the Fund for Investment. For 2026-27, we have budgeted using an overall average return of 7%, with 3% for inflation, based on expectations for the forthcoming economic cycle.

We delegate the day-to-day management of our quoted investments and investment properties to professional advisers (Sarasin & Partners LLP and Brown & Co). They discharge this responsibility in line with the objectives above and performance in the year ended 31 March 2026 is considered to have been satisfactory and in line with our objectives.

The value of our Fund for Investment at 31 March 2026 was £27,112k (2025: £29,482k) comprising £16,408k (60%) (2025: £19,281k) in directly-owned property and £9,188k (34%) (2025: £9,692k) in quoted investments and £1,516k (6%) (2025: £509k) in surplus cash – the latter being an amount held at bank in excess of the anticipated day-to-day requirements of the charity, to support additional strategic, capital and project work.

Fundraising

We do not actively engage in fundraising activities, and instead generate income through our investment assets. We do not engage individuals or entities to fundraise on our behalf. We are however very open to approaches from individuals who recognise the value of our work and wish to leave us legacies or otherwise contribute financially to our work. We are also open to approaches from other grant-making organisations who wish to consider becoming part of Norwich Charitable Trusts whilst retaining their own independent board of Trustees and working to their own Scheme/Memorandum and Articles.

REPORTING ON OUR IMPACT

The achievement of our aims

Our aims are laid out clearly in our statements of values and vision in this report. We saw no reason or need to change them for this year as they continued to feel relevant and appropriate both to our work and to the situations in which our individual beneficiaries, and the beneficiaries of the organisations we fund, find themselves.

Our Values

Equity

Our grants programmes (individual and organisational) are open to all whose needs fit with our geographical area of benefit and our Objects/preferred areas of impact.

We fund a broad range of organisations which seek to meet the needs of a broad range of people. We recognise that we are almost always less knowledgeable about the field of work that the organisations we fund operate in relation to – so we meet with all of them (pre-application meetings) to listen and learn – as well as to consider whether their application is eligible and, if it is, to support them in making it.

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

Transparency

We continue to publish our grant application procedures and the amount of money in the grants ‘pot’ for each grants meetings on our website. At our pre-application meeting we discuss honestly and openly how our Trustees make decisions concerning which applications to fund and which not to.

Courage

We have difficult conversations with applicants where necessary (e.g. in relation to an individual seeking a grant when we are aware that they have a serious gambling problem and in relation to attitudes and beliefs concerning the LGBTQ+ community and others when they are, for example, an organisation with a faith base seeking funding towards the costs of a youth group).

Collaboration

We stress to all of our organisational applicants and grantees that we see the relationship between our two organisations as a partnership. The primary reason we exist is not to ‘give away money’ rather it is to enable positive change in the world. Currently, we do this mainly, but not exclusively, through our grant-giving. The nature of the partnership is therefore that the organisations we give grants to are enabling us to meet our Objects as well as theirs.

Our Vision

A world in which Freemen of Norwich and their dependant relatives, who are in financial need, have that need reduced through our grants.

A world in which people who live within a 20-mile radius of Norwich Guildhall and are in financial need, have that need reduced through our grants to organisations - and in which those living in that area who wish to, can access high quality community, advice, support, recreational, cultural, and heritage projects, facilities, and activities.

The difference we made

In respect of our grants to organisations:

The long-term effects of our work

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

Volunteer impact

FINANCIAL REVIEW

Principal funding sources

Our principal funding sources are the rental income from our investment properties and dividend income from our quoted investments.

Review of our financial position at the end of the year

Our financial results for the year ended 31 March 2026 and our financial position as at 31 March 2026 are set out in the Financial Statements accompanying this report, commencing with the Statement of Financial Activities on page 23. During the year our financial planning, monitoring and control have continued to be of a good standard. The outturn for the year was in line with the management accounts produced regularly throughout the year. Actual performance was in line with budget and largely in line with expectations. Our quoted investment portfolio has performed satisfactorily despite the volatility in the market, and our residential investment property portfolio has all but maintained its’ value throughout a difficult economic period. Our commercial property portfolio has experienced some challenges this year due to economic conditions, with both income and values impacted.

As long-term investors we focus on the longer term scenario, and trustees regularly review the composition of our portfolios. Overall, our portfolio and asset base remain strong and well diversified.

Reserves policy

Our reserves policy is set having regard to the principal risks and uncertainties facing the Charity e.g. potential changes to the present economic, political and social environments. Such risks highlight the need for us to consider the appropriate custody and management of assets, for now and for the future, and the appropriate use of funds. The former risk is addressed by the use of appropriate professional advice and the latter by a rigorous review of all fund applications.

The Charity’s policy regarding the level of reserves to be maintained is to reference the funds available under the TRA (Total Return Approach). In effect, our available reserves are represented by the UTR (Unapplied Total Return), i.e. the Fund for Investment less the value of the ‘Original Gift’. We are the long term custodian of the fund, it being expendable only to the extent that we can warrant that any residual sum is sufficient to protect, on an equal basis, the interests of future beneficiaries compared with current beneficiaries. It would be a matter of judgement based on professional advice at the time

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

if any exceptional expenditure from reserves was required, as has been the case from time to time. We maintain a buffer element to guard against adverse market movements, in order to maintain stability in our annual budget and grant expenditure. The level of such unapplied funds is shown in Note 17 (b) to the accounts, standing at £18,131,123 as at 31 March 2026 (2025: £19,254,513).

Within unrestricted funds (note 16) there are both designated and general funds. Designated funds are funds that the trustees have set aside to reflect particular intentions for the use of those funds and amount to £231,718 (2025: £236,150). Unrestricted funds not designated in this way are general funds. The general surplus at 31 March 2026 amounted to £1,233,336, (2025: £1,286,972). Excluding unrestricted tangible fixed assets gives a net current unrestricted assets figure of £1,586,932. This is maintained to enable us to provide additional support outside of our annual budgeted expenditure.

The Trustees have reviewed the level of unrestricted reserves and consider these remain appropriate.

Transfer to the Trust for Application (income) for 2025/26

In accordance with clause 3(6)b of the Order, the Trustees must give “an explanation of the consideration and policies relevant to the Trustees’ determination of the part of the UTR that is allocated to the trust for application” (the income of the Charity) in 2025/26.

We received and considered the advice of Sarasin & Partners relating to the agreement of a strategic asset allocation for the investment of the Charity’s funds, including its directly-owned property. Taking account of the risks and returns associated with different asset classes, they agreed an asset allocation which would generate an average annual total return of 6%. They also advised that 2% of this should be retained in the Fund for Investment to maintain its real terms value as the basis for treating future beneficiaries equally. The Trustees have reviewed this policy every year since 2013 with their advisers. Prior to 2019 we worked with an expectation of the annual total return and inflation at 7.1% and 3.0% respectively. From 2024 we are working with an expectation of 7% and 3%.

Consequently, the SOFA shows a transfer in 2025/26 from the Fund for Investment to the Trust for Application of £1,075k (2024/25: £1,044k).

The outturn for the year shows a decrease in the value of the Fund for Investment of 8.04% (2024/25 decrease 1.07%, 2023/24: increase 0.04%), following the transfer to the Trust for Application. This falls short of the inflationary increase needed to maintain the real terms value of the Fund to protect the interests of future beneficiaries. The increases in previous years have, on average, exceeded the required level, however this has not been the case this year. The actual value of the Fund on 31 March 2026 falls below the notional value by £586k, largely due to the difficulties experienced in our commercial property portfolio discussed above.

The balance remaining unspent in the Trust for Application on 31 March 2025 and brought forward to 2025/26 was £196,130. A sum of £93,296 existed on 31 March 2026 to be carried forward to the following year.

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

PLANS FOR THE FUTURE

Review of our future direction

This review is an ongoing process and is informed through our membership of the ACF (Association of Charitable Foundations) and of the associated SIIG (Social Impact Investors Group). It is also informed by the considerable contact that we have with our individual and organisational grantees.

We have been working through the ACF’s ‘Pillars of Stronger Foundations’. There is much in common between these Pillars and the Charity Code of Governance – however a significant difference is that the former is focussed on grant-making organisations whilst the latter is focussed more generally on all charities – hence our decision to work through the Pillars first. Once we have worked through all of the

Pillars, we will then check whether there remain any elements of the Charity Code of Governance that we have not covered through this process.

The last Pillar that we addressed was the Investment Pillar and we have paused our progress to other Pillars whilst we work on the matters which arose from this – namely the concepts of Impact Investment and Social Investment and how we will implement them as part of our work.

During the coming year we will be taking advice from a range of appropriate professionals and seeking to move approximately £1million of our quoted investments into Impact Investments – i.e. these will be investments that we choose because the organisations/work that we invest in make a positive impact on the world. We will be seeking such investments for both their social and their financial return. The other two charities which, with us, are part of Norwich Charitable Trusts will be seeking to do the same.

One of our above ‘sister’ charities will be taking the first steps into Social Investment and we will observe this and decide whether/when to do the same based on this observation.

The range of issues which have exercised us and which we continue to discuss and debate, include:

Earlier in this report we have listed projects we have funded, the total amount of money we have given in grants and the range of work which this has made possible. As with our grant-making to individuals, behind these figures are many people whose experience of life is significantly better as a result,

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

sometimes admittedly only in the short term – hence our ongoing discussions about and search for projects which encourage and enable long-term positive change in people’s lives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Norwich Freemen’s Charity, registered charity number 1169460 and registered company number 09914994, is governed by a Memorandum and Articles of Association dated 14 December 2015 and was approved by the Charity Commission on 3 October 2016.

Trustee appointment and training

The Board of Trustees comprises 16 Trustees, 8 of whom, Freemen of the City of Norwich, are elected for a five-year term by The Common Hall of Freemen, the ‘parliament’ of the Freemen of the City of Norwich, chaired by John Rushmer. The Common Hall meets once every five years.

The other 8 Trustees are nominated by the Trustees of Norwich Consolidated Charities. These Trustees are also Trustees of Anguish’s Educational Foundation.

Those who served in these capacities during 2025/26 and/or are Trustees at the time of the approval of these financial statements are shown on page 1.

Trustees are required to disclose all relevant interests to the Chief Executive and to their colleagues and to withdraw from decisions where a conflict of interest arises.

Nigel Back was elected Chair and David Fullman Vice-Chair of the Trustees for 2025 at the December 2024 meeting of the plenary body. Nigel Back resigned on 31 March 2025 and John Rushmer was elected Chair on 14 April 2025. John Rushmer and David Fullman were re-elected as Chair and Vice-Chair for 2026 at the December 2025 meeting of the plenary body.

The Chair of the Board of Trustees oversees the induction and training of new Trustees, supported by the Chairs of the sub committees and the key management personnel.

Organisational Structure

The plenary body of Trustees meets every three months, with the appropriate officers and advisers, to agree plans, programmes and budgets; agree and review policies; and to monitor progress and review performance. Grant applications from other bodies are considered by Trustees’ Grants Committee each quarter.

There is considerable devolution of authority to formal Committees of Trustees and to senior staff, within the terms of the Memorandum and Articles and agreed policies and budgets. Grants to individuals which have been approved by the Executive, in line with agreed parameters, are reported to the plenary body. Currently, all decisions relating to grants to other organisations are made by Trustees’ Grants Committee and monitored by the plenary body. This body sets the budgets within which the Committees and the Chief Executive, with his delegated authority for the management of the Charity, work. Policies are decided or ratified by the plenary meeting, based upon recommendations coming from the Committees.

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REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

NORWICH FREEMEN’S CHARITY

For the year ended 31 March 2026

Membership of the Finance, Audit and Grants Committees is reviewed annually, and Chairs are elected at their first meeting of the year. The Chair and Vice-Chair of the plenary body are elected for the following year at its last meeting of the preceding calendar year. The appropriate officers, including the Grants Officers, attend Committee meetings to advise the Trustees and to report on the exercise of their delegated responsibilities.

The external advisers to the Trustees – auditor, bankers, solicitors, investment advisers and managers and property advisers and managers - are set out on page 2 of financial statements. Senior members of their staff attend relevant meetings of the Trustees and provide written and oral advice; they also have free access to the Trustees.

Nigel Hodge BSc (Hons) MRICS, a partner in Brown & Co LLP, was appointed Steward to the charity from 1 April 2025, responsible for the management of the estate, including the endowed properties, and for advising the Trustees on these matters. His services are received through a service level agreement with Brown & Co LLP.

Key Management Personnel remuneration

The Trustees consider our Chief Executive, our Director of Finance and our Grants Manager as comprising the key management personnel of the Charity (the executive team) in charge of directing and controlling the Charity and running and operating the Charity on a day-to-day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year

We are proud to be a Real Living Wage employer, accredited by The Living Wage Foundation. When implementing the Real Living Wage increase, the Trustees’ policy is to take heed of the Consumer Prices Index when considering salary increases for all employees. The Chief Executive’s pay is treated in the same way as other staff.

Details of Trustee expenses and remuneration of key management personnel are disclosed in note 7 to the financial statements and related party transactions are disclosed in note 20 to the financial statements.

Risk

As with any organisation of any significant size or complexity, there are many risks. In order to mitigate these, the Trustees have a formal risk management process in place to assess strategic, financial, and operational risks and to develop and implement appropriate risk management strategies. Particular areas of risk and the ongoing management of these are delegated as appropriate to managers who are responsible for those areas of our operation. Trustees review our risk register on an annual basis, and as and when needed should significant new risks be identified.

Connected Charities

We share a common administration and office with two other charitable companies, Anguish’s Educational Foundation and Norwich Consolidated Charities. The informal ‘group name’ for the Charities is ‘Norwich Charitable Trusts’ and, while the Charities retain their independence, a common administration promotes greater efficiency and co-ordination and lower costs.

Each Charity is a separate registered Charity and entity with its own governance and specific objectives. Norwich Consolidated Charities, Anguish’s Educational Foundation and Norwich Freemen’s Charity have

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

each been in the process of becoming incorporated as a Charitable Company Limited by Guarantee, therefore three dormant companies have existed in preparation for this. From 1 April 2024 the activities

and operations of each charity, along with the staff, assets and liabilities, were transferred to the respective companies.

Governance related to the Total Return Approach (TRA)

There are particular duties placed on Trustees as a result of our decision on 12 January, 2012 to take the powers conferred by an Order of the Charity Commission dated 24 January 2011 with effect from 1 April, 2012. The trustees of the charitable company passed a resolution on 10 July 2024 under s104A(2) and s104AA(2) of the Charities Act 2011 to adopt a Total Return approach. The power permits the Trustees to invest permanently endowed funds to maximise total return. It also enables the Trustees to decide each year how much of the Unapplied Total Return is transferred to income funds and be available for expenditure. There are particular duties placed on Trustees as a result of this.

The key elements of the statutory governance framework for TRA within which Trustees must operate are:

The accompanying financial statements and this Trustees’ Annual Report comply with the Directions in the form of Duties set out in the Order in relation to the adoption of the TRA by the Charity.

In relation to the accounts, these are:

All of this information is shown in Notes 17(a) and (b) to these accounts.

The advice relating to the feasible and sustainable level of transfer to the Trust for Application for 2025/26 on the basis of the agreed strategic asset allocation, long term outlook and Total Return Approach assumptions was received by the Trustees from:

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NORWICH FREEMEN’S CHARITY

REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)

For the year ended 31 March 2026

Statement of Trustees’ Responsibilities

The trustees (who are also directors for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as the trustees are aware:

Thanks

Thanks are due to all of our Trustees who have given their time during the year: to Sandra McAfee, Grants Manager and all members of the grants team; to Becky Bird, Director of Finance and all members of the finance and Woolgate Court team; to our Steward Nigel Hodge and his colleagues, and to David Hynes, Chief Executive. Without their dedication and skill, the Charity’s work could not be as effective and valued as it is.

FOR AND ON BEHALF OF THE TRUSTEES

John Rushmer Chair of the Board of Trustees 1 Woolgate Court, St Benedicts Street Norwich, NR2 4AP 6 July 2026

18

NORWICH FREEMEN’S CHARITY

AUDIT REPORT

Year ended 31 March 2026

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NORWICH FREEMEN’S CHARITY

Opinion

We have audited the financial statements of Norwich Freemen’s Charity (the ‘charitable company’) for the year ended 31 March 2026 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cashflows, Summary Income and Expenditure Account and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

19

NORWICH FREEMEN’S CHARITY

AUDIT REPORT

Year ended 31 March 2026

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

20

NORWICH FREEMEN’S CHARITY

AUDIT REPORT

Year ended 31 March 2026

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• we identified the principal laws and regulations applicable to the charitable company through discussions with management and our wider knowledge and experience;

• identified laws and regulations were considered in our planning of the audit and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

21

NORWICH FREEMEN’S CHARITY

AUDIT REPORT

Year ended 31 March 2026

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Proctor FCA DChA

Senior Statutory Auditor For and on behalf of Lovewell Blake LLP Statutory Auditor, Chartered Accountants Norwich 6 August 2026

Lovewell Blake LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

22

NORWICH FREEMEN’S CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2026

Note
Income and endowments from:
Investments
- Rental income
3
- Interest receivable
4
- Dividends and Rebates
4
Total income
Expenditure on:
Raising funds
- Property expenses
3
- Investment charges
Charitable activities
- Grants payable and related costs
5
Governance costs
6
Total expenditure
Sub total
Transfer between funds
16-17
Net (expenditure)/income
Gains/(losses) on investments
- Quoted Investment revaluation
11(d)
- Investment Properties revaluation
11(b,c)
- Quoted Investments disposal
11 (d)
- Investment Property disposal
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
16- 17		 Unrestricted
funds
Endowment
funds
Total
2026
Total
2025
£
£
£
£
-
691,180
691,180
895,943
1,812
16,939
18,751
12,457
25,650
239,849
265,499
337,045
27,462
947,968
975,430
1,245,445
-
(441,697)
(441,697)
(418,378)
(3,726)
(34,838)
(38,564)
(41,036)
(1,134,595)
-
(1,134,595)
(896,488)
(43,239)
-
(43,239)
(49,566)
(1,181,560)
(476,535)
(1,658,095)
(1,405,468)
(1,154,098)
471,433
(682,665)
(160,023)
1,075,000
(1,075,000)
-
-
(79,098)
(603,567)
(682,665)
(160,023)
23,394
218,759
242,153
100,542
-
(813,500)
(813,500)
(130,000)
640
5,984
6,624
-
-
68,934
68,934
-
(55,064)
(1,123,390)
(1,178,454)
(189,481)
1,783,829
28,060,513
29,844,342
30,033,823
1,728,765
26,937,123
28,665,888
29,844,342

There are no other recognised gains or losses on the continuing activities in either year.

The Statement of Financial Activities above reflects the Uniting Order and aggregates the performance of both the charity and the company. Further details can be found in note 23.

The accompanying accounting policies and notes form an integral part of these financial statements (including comparative information for the Statement of Financial Activities at note 22).

23

NORWICH FREEMEN’S CHARITY

BALANCE SHEET AS AT 31 MARCH 2026

Note
Fixed assets
Tangible assets
10
Investments
11
Total fixed assets
Current assets
Debtors
12
Cash at bank and in hand
Total current assets
Liabilities
Creditors: falling due within one year
13
Net current assets
Total assets less current liabilities
Total net assets
Represented by:
Unrestricted
15
Endowment
15
Total charity funds
15		 2026
£
£
141,833
25,595,261
25,737,094
938,027
2,346,787
3,284,814
(356,020)
2,928,794
28,665,888
28,665,888
1,728,765
26,937,123
28,665,888		 2026
£
£
141,833
25,595,261
25,737,094
938,027
2,346,787
3,284,814
(356,020)
2,928,794
28,665,888
28,665,888
1,728,765
26,937,123
28,665,888		 2025
£
£
146,265
28,973,239
29,119,504
120,448
968,273
1,088,721
(363,883)
724,838
29,844,342
29,844,342
1,783,829
28,060,513
29,844,342		 2025
£
£
146,265
28,973,239
29,119,504
120,448
968,273
1,088,721
(363,883)
724,838
29,844,342
29,844,342
1,783,829
28,060,513
29,844,342
938,027
2,346,787		 120,448
968,273
3,284,814
(356,020)		 1,088,721
(363,883)
28,665,888 29,844,342
28,665,888 29,844,342
1,728,765
26,937,123		 1,783,829
28,060,513
28,665,888 29,844,342

These financial statements were approved and authorised for issue by the Trustees on 6 July 2026 and are signed on their behalf by:

John Rushmer Chair

David Fullman Vice Chair

Company number 09914994

The Balance Sheet above reflects the Uniting Order and aggregates the performance of both the charity and the company. Further details can be found in note 23.

The accompanying accounting policies and notes form an integral part of these financial statements.

24

NORWICH FREEMEN’S CHARITY

STATEMENT OF CASH FLOWS AND SUMMARY INCOME AND EXPENDITURE ACCOUNT

For the year ended 31 March 2026

Reconciliation of net expenditure to net cash flow

Summary Income and Expenditure account
Total Income
Total Expenditure
Net (expenditure) for the year
(Losses) on investments
Net movement in Funds
Net (expenditure) for the year
Adjustments for:
Depreciation charges
Dividends, rebates, interest and rents from investments
(Increase) in debtors
(Decrease) in creditors
Net cash (used in) operating activities
Cash flows from investing activities:
Dividends, rebates, interest and rents from investments
Proceeds from sale of investment property
Proceeds from withdrawal of capital
Management fees and other costs
Purchase of investments
Net cash provided by investing activities
Net cash inflow /(outflow)
Change in cash and cash equivalents in the year
Cash and cash equivalents at the start of the year
Cash and cash equivalents at the end of the year		 2026
£
975,430
(1,658,095)
(682,665)
(495,789)
(1,178,454)
2026
£
£
(682,665)
4,432
(975,430)
(817,579)
(7,863)
(1,796,440)
(2,479,105)
975,430
2,128,934
750,000
39,632
(36,377)
3,857,619
1,378,514
1,378,514
968,273
2,346,787		 2026
£
975,430
(1,658,095)
(682,665)
(495,789)
(1,178,454)
2026
£
£
(682,665)
4,432
(975,430)
(817,579)
(7,863)
(1,796,440)
(2,479,105)
975,430
2,128,934
750,000
39,632
(36,377)
3,857,619
1,378,514
1,378,514
968,273
2,346,787		 2025
£
1,245,445
(1,405,468)
(160,023)
(29,458)
(189,481)
2025
£
£
(160,023)
5,051
(1,245,445)
(29,083)
(130,252)
(1,399,729)
(1,559,752)
1,245,445
-
-
40,232
(72,269)
1,213,408
(346,344)
(346,344)
1,314,617
968,273		 2025
£
1,245,445
(1,405,468)
(160,023)
(29,458)
(189,481)
2025
£
£
(160,023)
5,051
(1,245,445)
(29,083)
(130,252)
(1,399,729)
(1,559,752)
1,245,445
-
-
40,232
(72,269)
1,213,408
(346,344)
(346,344)
1,314,617
968,273		 2025
£
1,245,445
(1,405,468)
(160,023)
(29,458)
(189,481)
2025
£
£
(160,023)
5,051
(1,245,445)
(29,083)
(130,252)
(1,399,729)
(1,559,752)
1,245,445
-
-
40,232
(72,269)
1,213,408
(346,344)
(346,344)
1,314,617
968,273
1,378,514 (346,344)
1,378,514
968,273		 (346,344)
1,314,617
2,346,787 968,273
2026
£
975,430
(1,658,095)		 2025
£
1,245,445
(1,405,468)
(160,023)
(29,458)
(189,481)
(682,665)
(495,789)
(1,178,454)

The accompanying accounting policies and notes form an integral part of these financial statements.

25

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

1. GENERAL INFORMATION

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 1 Woolgate Court, St Benedict’s Street, Norwich, NR2 4AP.

2. ACCOUNTING POLICIES

a. BASIS OF ACCOUNTING AND PREPARATION

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 October 2019, the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The Charity Commission issued a uniting direction on 11 March 2025 such that the financial statements should show the aggregation of the results of Norwich Freemen’s Charity (‘the charitable company’’) registered number 09914994 and Norwich Freemen’s Charity (‘’the charity’’) registered number 1169460-1 for submission to the Commission. An aggregation combines the results of the two entities as if they were one entity. The charitable company is the sole trustee of the charity and accordingly is the beneficial owner of the Charity’s assets. The uniting direction requires the charitable company to file one set of financial statements aggregating the results of the charitable company and the charity. Information in respect of the charity has been identified separately within these financial statements to allow proper identification of the assets and liabilities of the charitable company as required by the Companies Act 2006.

Norwich Freemen’s Charity is a public benefit entity in accordance with FRS 102.

b. INCORPORATION - 2025

The 2025 financial statements comprise the financial statements of Norwich Freemen’s Charity and its linked charity using merger accounting and aggregate the results, assets and liabilities of Norwich Freemen’s Charity for which the charitable company is the sole trustee. Further details can be found in note 23.

c. GOING CONCERN

The Charity has generated sufficient financial resources from its activities, and holds a significant level of funds to allow the Trustees to believe that the Charity is well placed to manage its operational and financial risks successfully in the current economic climate.

Accordingly, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

26

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

d. FUND STRUCTURE

Norwich Freemen’s Charity has two types of fund, Endowment Funds, which are Permanent Endowments, and Unrestricted Funds.

Regarding Endowment Funds, the investment power of the Total Return Approach was granted to Norwich Freemen’s Charity by a Charity Commission Order on 24 January 2011 and was taken up with effect from 1 April 2012. The trustees of the charitable company passed a resolution on 10 July 2024 under s104A(2) and s104AA(2) of the Charities Act 2011 to adopt a Total Return approach. The power permits the Trustees to invest permanently endowed funds to maximise total return. It also enables the Trustees to decide each year how much of the Unapplied Total Return is transferred to income funds and be available for expenditure.

Unrestricted Funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted Funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose.

Further details of each fund and designations are disclosed in notes 16 and 17.

e. INCOME

All income is included within the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Rental income is recognised on an annualised basis as it falls due. Investment income (including bank interest) is recognised when receivable. Rebates on investment charges are included within income. This reflects the nature of the charging structure.

f. FIXED TANGIBLE ASSETS

Assets included in this category, which are used for direct charitable purposes, are stated at cost which includes the cost of acquisition plus further development and expenditure.

Depreciation is provided on these assets using the following methodology:

Depreciation is provided on these assets using the following methodology:
Assets
 Basis Useful Life
Long leasehold property Straight Line over Estimated Useful Life 50 years
Equipment Straight Line over Estimated Useful Life 3-5 years

g. FIXED ASSET INVESTMENTS

Investment properties including ancient endowment properties are professionally revalued every three years. Indicative value changes are provided by the Steward in the intervening periods.

The cost of improvements is generally written off to revenue and is only capitalised if the improvements contribute to an increase in valuation. No depreciation is provided on investment properties or ancient endowment properties.

Investment properties and ancient endowment properties are shown at their fair value as at 31 March 2026.

Disposals are recognised when there is certainty as to the quantum and timing of the sale.

Traded investments are shown at fair value (calculated on a bid price basis) with historical cost separately disclosed. Net gains and losses arising on revaluations and disposals during the year are included in the Statement of Financial Activities.

27

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

NORWICH FREEMEN’S CHARITY

For the year ended 31 March 2026

h. ALLOCATION OF SUPPORT COSTS AND OVERHEADS

Support costs and overheads have been allocated between charitable activities and governance. Staff costs are allocated on the basis of a best estimate of the time spent by each member of staff and their cost on each activity. Similarly, other costs are allocated on the basis of a best estimate of the purpose of the expenditure. No allocation has been made to the cost of generating funds as these activities have been outsourced to professional organisations for which specific charges are received. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

i. GOVERNANCE COSTS

Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the statutory audit, any legal fees incurred for Trustee advice and an apportionment of support costs and overheads.

j. GRANTS PAYABLE

Grants are recognised as expenditure in the year in which they are approved by the Trustees. Grants which are unpaid at the year-end are carried forward as creditors.

k. PENSIONS

The charity contributes to a group defined contribution personal pension scheme. The pension cost represents the annual contributions payable by the charity under the rules of the scheme.

l. JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Charity's accounting policies the trustees are required to make judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Fair value of investment properties: Investment properties including ancient endowment properties are recorded at their fair value. Such values require the application of judgement with regard to the nature of such properties taking account of current market conditions, lease terms and factors specific to individual properties. An independent valuer is retained to provide an estimate of fair values for financial statement purposes. Further information is provided in Note 11(b) and (c).

Depreciation of Fixed Assets: Tangible fixed assets, against which depreciation has been charged in line with accounting policy; the quantum of the charge and the carrying value of the assets can be found in note 10.

28

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

3. PROPERTY RENTAL

Rental Income and service charges
Property expenses
Repairs and maintenance
Business Rates, Council Tax and Water
charges
Insurances
Steward's fees
Legal and professional costs
Service charge costs
Bad debt provision
Irrecoverable VAT
Net income/(expenditure)		 2026
2025
Residential
property
Commercial
property
Agricultural
property
Total
Residential
property
Commercial
property
Agricultural
property
Total
£
£
£
£
£
£
£
£
103,106
538,788
49,286
691,180
119,424
723,113
53,406
895,943
113,746
34,843
26,132
174,721
119,375
28,070
6,645
154,090
10,054
-
-
10,054
6,380
2,160
-
8,540
14,785
21,145
2,003
37,933
11,696
28,130
-
39,826
7,622
35,155
-
42,777
9,414
40,510
5,966
55,890
44,642
20,159
7,808
72,609
41,199
15,117
5,114
61,430
-
51,763
-
51,763
-
73,265
-
73,265
-
11,864
-
11,864
-
(2,837)
-
(2,837)
33,190
-
6,786
39,976
26,981
-
1,193
28,174
224,039
174,929
42,729
441,697
215,045
184,415
18,918
418,378
(120,933)
363,859
6,557
249,483
(95,621)
538,698
34,488
477,565

29

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

NORWICH FREEMEN’S CHARITY

For the year ended 31 March 2026

4. INTEREST RECEIVABLE, DIVIDENDS AND REBATES

Bank and other interest
- Unrestricted funds
- Endowment funds
Investment income (Dividends and Rebates) from securities within:
- Unrestricted funds
- Endowment funds
5.
GRANTS PAYABLE AND RELATED COSTS
Grants payable
Educational
Pensioners grants (including TV licences)
General grants / Relief in Need
Other organisations (note 21)
A total of 46 (2025: 69) grants have been made to individuals.
Grant-making support costs
Staff costs
General office expenses
Irrecoverable VAT
Total grants payable and related costs
6.
GOVERNANCE AND SUPPORT COSTS
Staff costs
Audit fee
General office expenses
Irrecoverable VAT		 2026
£
1,812
16,939
25,650
239,849
284,250
2026
£
40,340
49,140
4,381
838,267
932,128
2026
£
146,242
52,936
3,289
202,467
1,134,595
2026
£
16,249
11,085
13,214
2,691
43,239		 2025
£
12,457
-
32,562
304,483
349,502
2025
£
35,727
70,367
(19)
583,980
690,055
2025
£
150,976
52,771
2,686
206,433
896,488
2025
£
16,775
12,455
17,649
2,687
49,566

Non audit fees payable to the auditor amounted to £83 for taxation services (2025: £802).

30

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

7. STAFF COSTS

From 1 April 2024 all staff are jointly employed by Norwich Consolidated Charities, Anguish’s Educational Foundation and Norwich Freemen’s Charity. Norwich Consolidated Charities runs the payroll, and the costs of the staff at Woolgate Court (the charities’ main office) are recharged to AEF and NFC.

The following staff costs were recharged from Norwich Consolidated Charities during the year. This amounts to a one third share of the cost of Officers, Senior Executives and all staff at Woolgate Court.

Wages and salaries
Social security costs
Pension costs
Life Insurance
Allocation:
Grant-making support costs
Governance costs		 2026
£
131,869
17,017
12,436
1,169
162,491
2026
£
146,242
16,249
162,491		 2025
£
142,396
11,540
12,613
1,202
167,751
2025
£
150,976
16,775
167,751

The Charity considers its key management personnel to be the Chief Executive Officer, Director of Finance, and Grants Manager.

The total gross employment benefits of the key management personnel (before recharges to Anguish’s Educational Foundation and Norwich Freemen’s Charity) were:

Wages and salaries
Social security costs
Pension contribution costs		 2026
£
219,985
30,746
21,697
272,428		 2025
£
225,886
27,406
22,111
275,403

The following numbers of employees had remuneration falling within the bands below, before recharges to related charities.

Number of employees Number of employees
2026 2025
£70,001 - £80,000 1 -
£80,001 - £90,000 - 1
£100,001 - £110,000 1 1

31

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

7. STAFF COSTS (CONTINUED)

No remuneration was paid to Trustees (2025: £Nil) and £227 travel expenses were reimbursed to 2 trustees (2025: £130 to 4 trustees).

The average number of employees was:

Officers and senior executives
Full time – Woolgate Court
Part time – Woolgate Court		 Number of employees
2026
2025
3
3
3
3
4
4
10
10

8. TAXATION

Norwich Freemen’s Charity is a charity within the meaning of the Taxes Acts and is, therefore, eligible to claim certain exemptions to income tax and capital gains tax. As a consequence no charge to taxation arises for the year. The Charity is subject to Value Added Tax under the partial exemption rules.

9. NET INCOME

Net income is started after charging:

Net income is started after charging:
2026 2025
£ £
Operating lease payments (recharged from NCC) 428 427
Depreciation 4,432 5,051

10. TANGIBLE FIXED ASSETS

Cost
At 1 April 2025 and 31 March 2026
Depreciation
At 1 April 2025
Charge for the year
At 31 March 2026
Net book value at 31 March 2026
Net book value at 31 March 2025		 Long
leasehold
property
Equipment
Total
£
£
£
221,611
2,758
224,369
75,346
2,758
78,104
4,432
-
4,432
79,778
2,758
82,536
141,833
-
141,833
146,265
-
146,265

32

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

11. FIXED ASSET INVESTMENTS

(a) Summary

Investment properties in UK at open market value (note 11b)
Ancient endowment properties in UK at open market value (note 11c)
Quoted Investments (note 11d)		 2026
£
7,322,500
9,085,000
9,187,761
25,595,261		 2025
£
8,055,000
11,226,000
9,692,239
28,973,239

(b) Investment Properties within the UK

At 1 April 2025
Revaluation
At 31 March 2026		 2026
£
8,055,000
(732,500)
7,322,500		 2025
£
8,185,000
(130,000)
8,055,000

The investment properties have a historical cost of £6,719,412 (2025: £6,719,412).

Investment properties and Ancient endowment properties are professionally re-valued every year by our Steward. A full valuation is carried out every three years, and a desk top update is carried out each year between the triennial valuations. The basis of the valuations is fair value and the last full valuation was carried out on 31 March 2024.

(c) Ancient endowment properties within UK

At 1 April 2025
Disposals
Revaluation
At 31 March 2026		 2026
£
11,226,000
(2,060,000)
(81,000)
9,085,000		 2025
£
11,226,000
-
-
11,226,000

The ancient endowment properties, originally having been gifted to the charity, have a historical cost of £221,604 (2025: £221,604).

Note 11(b) provides commentary on the basis of valuation at 31 March 2026.

33

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

11. FIXED ASSET INVESTMENTS (CONTINUED)

(d) Quoted Investments

FIXED ASSET INVESTMENTS (CONTINUED)
Quoted Investments
Market value at 1 April 2025
Realised gains reinvested
Unrealised revaluation gains
Sales proceeds withdrawn from the portfolio
Additions – fee rebates
Management fees and other costs
Market value at 31 March 2026
Endowment Fund
6,463,875 Sarasin Endowments Fund Class A INC
6,980 Cash
General Fund
691,257
Sarasin Endowments Fund Class A INC
747
Cash
At 31 March 2026
At 31 March 2025		 2026
£
9,692,239
6,624
242,153
(750,000)
36,377
(39,632)
9,187,761
Market value
£
8,293,151
6,980
8,300,131
886,883
747
887,630
9,187,761
9,692,239		 2025
£
9,559,660
-
100,542
-
72,269
(40,232)
9,692,239
Cost
£
5,827,206
6,980
5,834,186
623,172
747
623,919
6,458,105
6,993,683

34

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

12. DEBTORS

Rents receivable
Other debtors
Prepayments		 2026
£
36,972
898,465
2,590
938,027		 2025
£
92,000
23,980
4,468
120,448

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grants to Other Organisations - committed in year ended 31 March 2026
Grants to Other Organisations - committed in year ended 31 March 2025
Grants to individuals
Other creditors
Amounts owed to connected charities (note 20)
Other taxes and social security
Accruals
Deferred income - Rents received in advance		 2026
£
89,202
38,364
-
19,617
52,514
17,111
49,225
89,987
356,020		 2025
£
-
109,434
875
21,291
54,859
23,566
58,239
95,619
363,883

Some of the Grants to Other Organisations included above relate to long-term fundraising projects which are ongoing. Some time can therefore elapse between these being granted and being paid.

Deferred rental income at the beginning of the year
Income released in the year
Income deferred in the year
Deferred rental income at the end of the year		 2026
£
95,619
(95,619)
89,987
89,987		 2025
£
99,306
(99,306)
95,619
95,619

14. COMMITMENTS

At the year end the charity had entered in to a contract for building works to the value of £363,257, to be carried out in the year ended 31 March 2027.

Since the year end, at its’ April meeting of the Grants Committee, the charity approved a grant of £117,595 to the SAW Trust, substantially funded from Project Funds (note 16).

35

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

NORWICH FREEMEN’S CHARITY

For the year ended 31 March 2026

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 March 2026 are represented by:

Fixed assets
Tangible assets
Quoted Investments
Investment Properties
Net current assets
Total Net assets		 Unrestricted
funds
Endowment
funds
Total
£
£
£
141,833
-
141,833
887,630
8,300,131
9,187,761
-
16,407,500
16,407,500
1,029,463
24,707,631
25,737,094
699,302
2,229,492
2,928,794
1,728,765
26,937,123
28,665,888

Fund balances at 31 March 2025 were represented by:

Fixed assets
Tangible assets
Quoted Investments
Investment Properties
Net current assets
Total Net assets		 Unrestricted
funds
Endowment
funds
Total
£
£
£
146,265
-
146,265
936,367
8,755,872
9,692,239
-
19,281,000
19,281,000
1,082,632
28,036,872
29,119,504
701,197
23,641
724,838
1,783,829
28,060,513
29,844,342

36

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

16. UNRESTRICTED FUNDS

Balance at 1 April 2025
Net expenditure before gains on investments
Transfers – Allocation from the Unapplied Total Return
Gains on disposal of Quoted Investments
Gains on revaluation of Quoted Investments
Transfer from designated fund
Balance at 31 March 2026		 General
Surplus
Quoted
Investment
Revaluation
Reserve
Project
Fund
Woolgate
Court
Total
£
£
£
£
£
1,286,972
260,707
89,885
146,265
1,783,829
(1,154,098)
-
-
-
(1,154,098)
1,075,000
-
-
-
1,075,000
21,030
(20,390)
-
-
640
-
23,394
-
-
23,394
4,432
-
-
(4,432)
-
1,233,336
263,711
89,885
141,833
1,728,765

The Investment Revaluation Reserve represents the increase in fair value of the quoted investments above their historical cost.

Designated Funds:

The Project Fund represents funds set aside to enable us to fund some strategic/long term projects. This has been spent since the year end (note 14).

The Woolgate Court Fund represents the Charity’s 1/3[rd] share of the net book value of the office premises at Woolgate Court. The transfer from this to General Surplus represents the depreciation charge for the year.

37

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

17. ENDOWMENT FUNDS

(a) ANALYSIS OF ENDOWMENT FUNDS

Balance at 1 April 2025
Net income before gains on investments
Transfers – Allocation from the Unapplied Total Return
Gains on disposal of Quoted Investments
Gains on revaluation of Quoted Investments
Gains on disposal of Investment Property
Losses on revaluation of Investment Property
Balance at 31 March 2026		 Capital
Fund
Investment
Property
Revaluation
Reserve
Quoted
Investment
Revaluation
Reserve
Total
£
£
£
£
13,282,680
12,339,984
2,437,849
28,060,513
471,433
-
-
471,433
(1,075,000)
-
-
(1,075,000)
196,647
-
(190,663)
5,984
-
-
218,759
218,759
2,128,934
(2,060,000)
-
68,934
-
(813,500)
-
(813,500)
15,004,694
9,466,484
2,465,945
26,937,123

The Investment Property Revaluation Reserve represents the increase in fair value of the properties above their historical cost.

The Quoted Investment Revaluation Reserve represents the increase in fair value of the quoted investments above their historical cost.

38

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

17 ENDOWMENT FUNDS (CONTINUED)

(b) THE UNAPPLIED TOTAL RETURN AND FUND TRANSFERS

The investment power of Total Return was granted to Norwich Freemen’s Charity, the unincorporated charity. by a Charity Commission Order on 24 January 2011 and was taken up with effect from 1 April 2012. The trustees of the charitable company passed a resolution on 16 July 2024 under s104A(2) and s104AA(2) of the Charities Act 2011 to adopt a Total Return approach. The power permits the Trustees to invest permanently endowed funds to maximise total return. It also enables the Trustees to decide in each year how much of the Unapplied Total Return is transferred to income funds to be available for expenditure. In doing so, the Trustees have regard to maintaining the value of the fund in real terms, and of meeting the needs of both current and future beneficiaries.

This table records the movements within the Unapplied Total Return during the financial year.

2026 2026
£ £
Value of the Total Endowment Funds at 1 April 2025 28,060,513
Less value of the Original Gift (8,806,000)
Opening value of the Unapplied Total Return 19,254,513
Add:
Investment income from Rentals 691,180
Investment income from Dividends, Rebates and interest 256,788
Unrealised gain on revaluation of Quoted Investments 218,759
Realised gain on disposal of Investment Properties 68,934
Realised gain on disposal of Quoted Investments 5,984
1,241,645
Less:
Property expenses (441,697)
Investment charges (34,838)
Unrealised loss on revaluation of Investment Properties (813,500)
(1,290,035)
Less allocation to the Trust for Application (1,075,000)
Closing value of the Unapplied Total Return 18,131,123
Add value of the Original Gift 8,806,000
Value of the Total Endowment Funds at 31 March 2026 26,937,123
18 ANALYSIS OF CHANGES IN NET DEBT
At the start Cash Flows At the end
of the year of the year
£ £ £
Cash at bank and in hand
968,273		 1,378,514 2,346,787

39

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

19 PENSION COMMITMENTS

The charity contributes to a group personal pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The pension charge represents contributions payable to the fund and recharged to the charity, and amounted to £12,436 in the year (2025: £12,613).

20 CONNECTED CHARITIES AND OTHER RELATED PARTIES

(a) Connected Charities

The Charity is connected to Norwich Consolidated Charities and Anguish’s Educational Foundation as defined by the Statement of Recommended Practice; "Accounting by Charities" and is a related party as defined by Financial Reporting Standard 102 due to the common membership of the Board of Trustees as described in the Trustees’ Report on page 15.

Norwich Freemen’s Charity, Norwich Consolidated Charities and Anguish’s Educational Foundation share equally the cost of the administration function based at Woolgate Court. The principal address is the same for all three charities. All three charities were in the process of becoming incorporated as Charitable Companies limited by guarantee. Therefore three dormant companies existed in preparation for this.

On 1 April 2024 the activities and operation of the unincorporated charity, number 235678, were transferred to Norwich Freemen’s Charity, a company limited by guarantee, company no. 09914994 and charity no. 1169460. The assets and liabilities also transferred, with the exception of endowment assets to the value of £8,806,000 which were retained in the unincorporated entity.

During the year Norwich Consolidated Charities charged Norwich Freemen’s Charity £183,463 in costs (2025: £191,155) and Anguish’s Educational Foundation charged Norwich Freemen’s Charity £44,094 (2025: £40,524). Settlements made during the year were £185,508 (2025: £253,480) to Norwich Consolidated Charities and £44,393 (2025: £59,400) to Anguish’s Educational Foundation.

At 31 March 2026 a balance of £42,468 was owed to Norwich Consolidated Charities (2025: £44,513) and £10,046 was owed to Anguish’s Educational Foundation (2025: £10,346).

(b) Other Related Parties

(b)
Other Related Parties
Organisation Grant Related party
2025/26
St. Edmunds Society £14,360 David Fullman is a trustee and Chair
Kevin Maguire is a trustee
2024/25
Royal Norfolk Regimental Museum £7,500 Nigel Back is a trustee
The Church of St George,Tombland £6,692 Melanie Kent is a member of the
Parochial Church Council
Norwich School £5,019 Nigel Back is a trustee
St. Edmunds Society £23,798 David Fullman is a trustee and Chair

40

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

NORWICH FREEMEN’S CHARITY

For the year ended 31 March 2026

21 GRANTS TO OTHER ORGANISATIONS

Organisation Purpose of Grant £
Asperger East Anglia Post-diagnosis support for people diagnosed with autism 24,000
East Norfolk Sixth Form A range of dance and other physical activities for young
 9,175
College people
Limbik Limited An outdoor community Theatre project
 7,500
The Forum Trust Limited Young people's involvement in workshops exploring the
 7,100
American presence in Norfolk during WWII
Norfolk Army Cadet Force Subsidising the cost of army cadets who are in financial
 7,500
need trip to the Normandy beaches
St. Edmunds Society Structured, skill-building summer activities for young 14,360
people
Holt Youth Project Towards youth worker salaries and related core costs 10,000
St. George's Theatre Subtitling/captioning equipment for a theatre in an area 10,009
of multiple languages and cultures
University of East Anglia Towards the cost of a clinical anatomy suite 15,000
The Common Lot Towards the cost of a community skill sharing hub 15,000
Norwich Arts Centre Towards the cost of an awards programme for young 10,000
people covering a range of art forms
HubL Norwich CIC Towards an organisation providing a single assessment 10,716
point assessing refugees, asylum seekers and migrants'
level of English and advising the best class to attend
Great Yarmouth Centre for The provision of creative writing workshops in Great 11,486
Community Writing Yarmouth
The Garage Trust The provision of new technical equipment at a local 17,000
training and performance centre
Treow Forest School Towards the cost of attendance at a forest school for 10,000
young people 'all but excluded' from school
Age UK Norwich A project aiming to provide holistic and coordinated 50,000
support for people facing life issues impacting their
health, wellbeing and ability to work or contribute to the
community
The Matthew Project 1:1 Support and group activities for young people at risk 10,000
of being not in education employment or training
Get Me Out The Four Walls The recruitment of 10 volunteer parent ambassadors to
 5,579
support new parents suffering from, or at risk of
suffering from, perinatal mental health condition
The Feed Foundation The provision of 1:1 Support sessions at a community 12,500
hub
The Norfolk Heritage Fleet The provision of sailing experiences for young people 25,000
Trust
The Brook Street Band Free tickets to a baroque music festival and a
 9,800
Trust community/family concert
The Autumn Festival of Free and subsidised tickets to an arts festival
 5,000
Norfolk
Big C Exercise, wellbeing and nutrition activities for people 12,553
affected by cancer
Unity Schools Partnership Towards the provision of suitable outdoor play areas at a 10,000
primary school

41

NORWICH FREEMEN’S CHARITY

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2026

21 GRANTS TO OTHER ORGANISATIONS (CONTINUED)

Broadland High Ormiston Towards the cost of stage lighting for a high school 14,959
Academy
TimeNorfolk Towards core costs for an organisation support people 11,279
who have experienced pregnancy loss
Reel Connections CIC Record club promoting wellbeing
 7,200
FUSE Norwich C Support and skills development for those aiming to start 10,000
social enterprises
Costessey Falcons Support for a young people's football club
 5,000
The Offshoot Foundation Free filmmaking workshops for young people
 3,924
Brundall Memorial Hall Refurbishment 28,000
Sprowston Youth Structured, practical learning for young people excluded 10,000
Engagement Project from school, home schooled or struggling to engage in
mainstream education
Centre 81 Towards the creation of an independent living training 15,000
flat for people with learning difficulties and those who
are on the autistic spectrum
Norwich Men's Shed Towards workshop supervisor's salary costs at a Men's 10,000
Shed
Musical Keys Towards the cost of a weekly music/music therapy group 10,000
for people facing mental health challenges
Norwich Samaritans Towards the cost of a strategic review for a local
 6,932
Samaritans branch
Norfolk Museums Service Free entry to a local museum plus a community events 22,000
programme, schools resources and new displays
English+ Core costs for an organisation teaching English to 20,000
refugees and asylum seekers
ArtsTable Arts clubs for young people
 3,937
Total Ensemble Free live arts experiences and inclusive practical
 8,000
workshops open to all
The Country Trust A food discovery programme for disadvantaged children 10,000
Step into Tech CIC Towards the cost of Tech-athons for young people in 16,620
both Great Yarmouth and Norwich
Star Throwers Cancer Post cancer support for lymphoedema 10,000
Support Charity
Banham Baby & Toddler Baby café and wellbeing events for a parent and toddler
 5,070
Group group
Norfolk Schools Sailing Improving the safety and sustainability of a schools 15,950
Association sailing association
Frozen Light Towards a sensory studio for a theatre company working
 3,800
with people with profound and multiple learning
disabilities
New East Theatre CIC Funding towards a Norwich Mystery Play festival 12,500
The Friends of Alpington VA Towards an educational play fort at a school 10,000
School
Nancy Oldfield Trust Bursary fund to support water-based activities for 10,000
people with disabilities
Assist Trust Independence Support Scheme for people with learning 10,000
disabilities

42

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

NORWICH FREEMEN’S CHARITY

For the year ended 31 March 2026

21 GRANTS TO OTHER ORGANISATIONS (CONTINUED)

Banham Village Community
Hub
Fitness sessions in a community hub - open to all,
particularly those with long-term health issues / sensory
loss
Toy Like Me CIC
A playful events group for deaf children and children of
deaf adults aged 0 - 7 years old with their parents/carers
The Forum
Youth Hub provision at the Norfolk Deaf Festival
Community Chaplaincy
Norfolk
Recruitment and training costs to secure additional
volunteer mentors to support prison leavers
Keeping Abreast
Support for those considering or undergoing breast
reconstruction
Social Moments Enterprise
Towards the cost of a social shop coordinator supporting
families with food education
Earlham PCC
Towards the costs of a schools and families team
Nest Community Art CIC
Weekly arts sessions for D/deaf young people
Stepping Stones
Towards the cost of a life-skills kitchen for people with
learning disabilities
Eating Matters
Early intervention counselling and dietetics for adults
with disordered eating behaviours
Curious Directive
Towards the core costs of a Norwich-based theatre
company
FareShare - East Anglia
The distribution of surplus food to charities supporting
people experiencing hardship in North east Norfolk
The SAW Trust
The creation of a microbe zoo - a large, immersive,
microbiology exhibition
The Harleston Sancroft
Academy
Towards the cost of modern stage lighting for a school
stage which is also used by the community
Hear for Norfolk
Towards the cost of a mobile hearing assessment and
ear care unit
Less: Prior year grants cancelled
Total for 2026
Total for 2025		 4,702
19,000
19,260
18,000
14,000
15,977
40,000
7,898
10,000
10,000
8,000
15,000
20,000
17,000
15,000
843,286
(5,019)
838,267
£583,980

43

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

NORWICH FREEMEN’S CHARITY

For the year ended 31 March 2026

22 SOFA - COMPARATIVES (YEAR ENDED 31 MARCH 2025)

Note
Income and endowments from:
Investments
- Rental income
3
- Interest receivable
4
- Dividends and Rebates
4
Total income
Expenditure on:
Raising funds
- Property expenses
3
- Investment charges
Charitable activities
- Grants payable and related costs
5
Governance costs
6
Total expenditure
Sub total
Transfer between funds
Net (expenditure)/ income
Unrealised gains/(losses) on investments
- Quoted Investments
11(d)
- Investment Properties
11(b,c)
Realised gains on investments
- Quoted Investments disposal
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15-17		 Unrestricted
funds
Endowment
funds
Total
2024
£
£
£
-
895,943
895,943
12,457
-
12,457
32,562
304,483
337,045
45,019
1,200,426
1,245,445
-
(418,378)
(418,378)
(3,964)
(37,072)
(41,036)
(896,488)
-
(896,488)
(49,566)
-
(49,566)
(950,018)
(455,450)
(1,405,468)
(904,999)
744,976
(160,023)
1,044,000
(1,044,000)
-
139,001
(299,024)
(160,023)
9,713
90,829
100,542
-
(130,000)
(130,000)
-
-
-
148,714
(338,195)
(189,481)
1,635,115
28,398,708
30,033,823
1,783,829
28,060,513
29,844,342

44

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

NORWICH FREEMEN’S CHARITY

For the year ended 31 March 2026

23 INCORPORATION AND LINKED CHARITY

On 1 April 2024 Norwich Freemen’s Charity, unincorporated charity number 235678, transferred all of its assets and liabilities, except for assets to the value of £8,806,000 being the value of the original gift, to Norwich Freemen’s Charity, company number 09914994 and registered charity number 1169460. This has been accounted for as a merger.

The value of the original gift was required to be retained in the unincorporated charity for legal reasons. There being no specific requirement for particular assets to be retained, it was judged appropriate to retain a portfolio of quoted investments.

From 1 April 2024, the unincorporated charity has no activity. All income and expenditure is included in the incorporated charity. The unincorporated charity retains any gains and losses on its quoted investment portfolio.

Analysis of principal SoFA components for the year ended 31 March 2026:

Total Income
Total Expenditure
Net (expenditure)/income
Other (losses)/gains
Net movement in funds		 NFC
Unincorporated
Charity
NFC
Incorporated
Charity
Combined
total
£
£
£
-
975,430
975,430
-
(1,658,095)
(1,658,095)
-
(682,665)
(682,665)
242,204
(737,993)
(495,789)
242,204
(1,420,658)
(1,178,454)

The net assets of the unincorporated charity as at 31 March 2026 were:

Quoted Investments
Total		 Unrestricted
funds
Endowment
funds
Total
£
£
£
848,444
8,300,131
9,148,575
848,444
8,300,131
9,148,575

Analysis of principal SoFA components for the year ended 31 March 2025:

Total Income
Total Expenditure
Net income/(expenditure)
Other gains/(losses)
Net movement in funds		 NFC
Unincorporated
Charity
(pre-merger)
NFC
Incorporated
Charity
(pre-merger)
NFC
Unincorporated
Charity
(post-merger)
NFC
Incorporated
Charity
(post-merger)
Combined
total
£
£
£
£
£
-
-
-
1,245,445
1,245,445
-
-
-
(1,405,468)
(1,405,468)
-
-
-
(160,023)
(160,023)
-
-
100,371
(129,829)
(29,458)
-
-
100,371
(289,852)
(189,481)

45

NOTES TO THE REPORT AND FINANCIAL STATEMENTS

NORWICH FREEMEN’S CHARITY

For the year ended 31 March 2026

23 INCORPORATION AND LINKED CHARITY (CONTINUED)

Analysis of net assets at 31 March 2024:

Total Fixed assets
Current assets
Current liabilities
Total net assets
Represented by
Unrestricted funds
Endowment Funds
Total Funds		 NFC
Unincorporated
Charity (pre-
merger)
NFC
Incorporated
Charity
(pre-merger)
Combined
total
(pre-merger)
£
£
£
29,121,976
-
29,121,976
1,405,982
-
1,405,982
(494,135)
-
(494,135)
30,033,823
-
30,033,823
1,635,115
-
1,635,115
28,398,708
-
28,398,708
30,033,823
-
30,033,823

Assets to the value of the original gift, £8,806,000 were retained in the unincorporated entity as at 1 April 2024, as follows:

Quoted Investments
Total		 Unrestricted
funds
Endowment
funds
Total
£
£
£
169,899
8,636,101
8,806,000
169,899
8,636,101
8,806,000

Quoted Investments were transferred at market value.

46