Registered number 1208325
## The Peter Norrie Charitable Foundation CIO
Report and Unaudited Accounts
For The Peiod Ended 31 March 2025
Smithfield Accountants LLP Chartered Accountants Suite 1, Unit 2, Stansted Courtyard Parsonage Road, Takeley, Essex, CM22 6PU
## **The Peter Norrie Charitable Foundation CIO Report and accounts Contents**
||**Page**|
|---|---|
|Charity information|1|
|Trustees' report|2|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the accounts|7|
## **The Peter Norrie Charitable Foundation CIO Charity Information**
## **Trustees**
Peter Anthony Norrie (appointed 20.05.24) Kate Emma Annett (appointed 20.05.24) Christine Lesley Dare (appointed 20.05.24) Sarah Elizabeth Cox (appointed 20.05.24) John Walter Hawkins (appointed 20.05.24) David Alistair John Norrie (appointed 20.05.24)
## **Clerk**
Simon Poli
## **Bankers**
Virgin Money 7 Gold Street Northampton NN1 1EN
## **Registered Office**
Suite 1, Unit 2, Stansted Courtyard Parsonage Road, Takeley, Essex, CM22 6PU
## **Registered Charity Number**
1208325
## **Accountants**
Smithfield Accountants LLP Suite 1, Unit 2, Stansted Courtyard Parsonage Road, Takeley, Essex, CM22 6PU
1
**The Peter Norrie Charitable Foundation CIO Registered number: 1208325 Trustees' Report**
The trustees presents their report along with the financial statements of The Peter Norrie Charitable Foundation CIO (“the Foundation”) for the period ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 7-8 and comply with the applicable law.
## **Legal Status**
The Foundation is a Charitable Incorporated Organisation set up on 20th May 2024.
## **Trustee and Appointment**
The following served as trustees of the Foundation for the period:
Peter Anthony Norrie (appointed 20.05.24) Kate Emma Annett (appointed 20.05.24) Christine Lesley Dare (appointed 20.05.24) Sarah Elizabeth Cox (appointed 20.05.24) John Walter Hawkins (appointed 20.05.24) David Alistair John Norrie (appointed 20.05.24)
## **Charity Structure**
The Peter Norrie Charitable Foundation CIO is a Charitable Incorporated Organisation with charity registration number 1208325 and company number CE036221.
## **Risk Management**
The Trustees actively review the major risks that the Foundation faces on a regular basis and believes that sufficient resources to provide for protection against adverse financial and other developments are provided by a combination of:
- Maintenance of financial reserves at a prudent level, with a proportion of the Foundation's investments held in relatively low risk investments.
- Periodic review (and the implementation of changes where necessary) of the operational controls that are in place, particularly in relation to investments, banking and the approval and payment of grants and annual grantees.
- When available at acceptable premium rates, insurance on certain classes of risk.
## **Investment Powers and Policy**
The Foundation's Consitution authorises the trustees to make and hold investments using the general funds of the Foundation.
The Foundation’s fundamental investment policy over the long term is to maintain the real value of capital and income; a variety of investments are held to ensure diversification of investment risk. The Foundation's assets can be invested widely according to the general power of Investment. Asset classes include Cash, Bonds, Equities, Property, Commodities and any other Assets that are considered suitable for the Foundation.
The Investment objective for the Investment Portfolio is to balance income and capital returns. The Assets should be managed to at least maintain the real Capital value of the Foundation's Portfolio, while generating a sustainable level of Investment income to support the current charitable activities.
2
**The Peter Norrie Charitable Foundation CIO Registered number: 1208325 Trustees' Report**
## **Reserves and Reserves Policy**
The Foundation aims to hold at least two years' worth of outgoings by way of income reserves. This is estimated at £20,000. This value is kept under review.
## **Constitution, Objects and Policies**
The Foundation is constituted by its Constitution and its objects are the distribution of its income to other charities.
The Foundation’s policies are to maximise its income subject to its Constitution and investment policy and to continue to fulfil its objects.
## **Organisation and Decision Making**
The Trustees delegate the day to day responsibility of achieving the Foundation's objectives to the clerk and the staff of Smithfield Accountants LLP to adminster day to day transactions and maintain the books and statutory records, and the board of trustees, who make decisions on grants. The trustees regularly meet to review these activities and make decisions as to the strategic direction the Foundation should take, and communicate this to those responsible for delivery.
## **Grant Making Policy**
The constitution gives the Trustees the right to give grants to successful applicants having fulfilled all conditions stipulated for such grants. Applicants can apply once per year within the Foundation's accounting year.
## **Trustee Induction and Training**
Trustees are recruited at the recommendation of existing trustees. Their appointment is confirmed by vote of the exisiting board.
The Foundation has a policy to appoint Trustees who are familiar with Charity Law. In order to assist in the running of the Charity, documentation has been prepared setting out the constitution, objects and running of the Charity. Advice is taken, where necessary.
New trustees are given copies of the Foundation's accounts and policies.
## **Trustee Responsibilities for the Financial Statements**
The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
3
**The Peter Norrie Charitable Foundation CIO Registered number: 1208325 Trustees' Report**
The Trustees are responsible for keeping proper records which disclose with reasonable accuracy the financial position of the Foundation and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. The Trustees are also responsible for safeguarding the Foundation's assets and hence for taking reasonable steps for the prevention and detection of fraud and breaches of law and regulations.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Financial Report and Main Achievements**
The Foundation was dormant for the period.
## **Public Benefit Statement**
The Trustees confirms that they have referred to the guidance contained in the Charity Commission's general guidance on Public Benefit when reviewing the Foundation's objectives and in planning future activities.
The Foundation provides one-off and renewable grants to charitable organisations worldwide. Any charity satisfying this criteria is free to apply and the Foundation's committee of management, or those to whom it delegates day-to-day authority in respect of smaller appeals, considers all applications.
The Trustees confirm that they have complied with Section 17 (5) of the Charities Act 2011, to have due regard to the Charity Commission's general guidance on Public Benefit, 'Charities and Public Benefit'.
This report was approved by the board on 17 November 2025 and signed by its order.
Mr P Norrie
On behalf of the board of The Peter Norrie Charitable Foundation CIO Trustee
4
## **The Peter Norrie Charitable Foundation CIO Statement of Financial Activities for the period from 20 May 2024 to 31 March 2025**
The charity was dormant for the period. There are therefore no result to display.
5
**----- Start of picture text -----**
The Peter Norrie Charitable Foundation CIO
Registered number: 1208325
Balance Sheet
as at 31 March 2025
Notes 2025
£
Fixed assets
Investments 3 -
Current assets
Debtors 4 -
Cash at bank -
-
Creditors: amounts falling due
within one year 5 -
Net current assets -
Net assets -
Reserves
Unrestricted capital fund 6 -
Unrestricted income fund 7 -
Total reserves 13 -
**----- End of picture text -----**
The accounts were approved by the board on 17 November 2025 and signed on its behalf.
Mr P Norrie
On behalf of the board of The Peter Norrie Charitable Foundation CIO Trustee
6
**The Peter Norrie Charitable Foundation CIO Notes to the Accounts for the period from 20 May 2024 to 31 March 2025**
## **1 Accounting policies**
## _**a) Statutory Information**_
The Peter Norrie Charitable Foundation CIO is a Charitable Incorporated Organisation, domiciled in England and Wales, registration number 1208325. The registered office is Suite 1, Unit 2, Stansted Courtyard, Parsonage Road, Takeley, Essex CM22 6PU.
## _**b) Basis of Preparation**_
The financial statements have been prepared in accordance with the Charity's trust deed, the Charities Act 2011 and "Accounting 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 (FRS 102) (effective 1 January 2019)".
The Peter Norrie Charitable Foundation CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
## _**c) Investment Income**_
Investment income is credited to the Statement of Financial Activities when the Charity has entitlement to the resources and to the extent that the resources will be received.
## _**d) Charitable Activities**_
Grants payable are accounted for on the accruals basis when approved by the Trustees. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Foundation to the expenditure. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Foundation. The grants are charged in the year when formally awarded by the Foundation and communicated to the recipient irrespective of the period covered by the grant as they are regarded by the Trustees as financial obligations.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and costs linked to the management of the Foundation. These costs are allocated against charitable activities.
## _**e) Investments**_
Investments are stated at fair value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
7
## **The Peter Norrie Charitable Foundation CIO Notes to the Accounts for the period from 20 May 2024 to 31 March 2025**
## _**f) Fund Accounting**_
Capital Fund
This represents the original capital of the Foundation and accumulated growth. There are no restrictions to its use, and the Trustee tries to maintain this at a level which will generate sufficient income to cover annual expenditure.
Income Fund
This represents accumulated income over the years, less annual expenditure. The fund is primarily used to meet the annual expenditure and generate further income. The management committee consider it appropriate to maintain an income fund to provide reserves amounting to approximately 2 years of aggregate anticipated expenditure (comprising grant and annual grant awards and administrative expenses).
This level takes into account the possibilities of variances in investment income; an unexpected financial loss; any exceptional calls for grants; and operational losses not covered by insurance. The level of the Income Fund is adjusted principally through increasing and decreasing the level of grants. When the Foundation begins operating, it intends to maintain the Income Fund at £20,000, representing 2 years of aggregate expenditure.
## _**g) Voluntary Income**_
Voluntary income is recognised where there is entitlement, certainty or receipt and the amount can be measured with sufficient reliability.
## **2 Income from activities**
The income from dividends and interest which arose wholly within the United Kingdom, and the surplus, are wholly attributable to other charities worldwide, less governance costs.
## **3 Investments**
|**undertakings**
**£**
**Market valuation**
At 20 May 2024
-
Additions
-
Realised gain on investments
Unrealised gain on investments
Disposal proceeds
-
At 31 March 2025
-
**4**
**Debtors**
Other debtors and prepayments|**2025**
**2024**
**£**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
**2025**
**£**
-
-|
|---|---|
8
## **The Peter Norrie Charitable Foundation CIO Notes to the Accounts**
**for the period from 20 May 2024 to 31 March 2025**
|**5**
**Creditors: amounts falling due within one year**
Sundry creditors
Grants awarded
**6**
**Unrestricted capital fund**
At 20 May 2024
Gain on investments
Transfer from/(to) income fund
At 31 March 2025
**7**
**Unrestricted income fund**
At 20 May 2024
Net surplus for the year
Transfer (to)/from capital fund
At 31 March 2025
**8**
**Expenditure on charitable activities 2025**
**£**
**Activities**
**Undertaken**
**Directly**
Grants Awarded (Note 10)
-
Annual Grants Awarded
-
-
**9**
**Analysis of support costs**
Secretarial Fees & Disbursements: Grants|**£**
**Grant Giving**
**Activities**
-
-
-|**2025**
**£**
-
-
-
**2025**
**£**
-
-
-
-
**2025**
**£**
-
-
-
-
**£**
**Support**
**Costs (Note**
**9)**
-
-
-
**2025**
**£**
-|
|---|---|---|
The support costs relate to the portion of secreterial fees and disbursements which relate to the processing of grant applications.
9
## **The Peter Norrie Charitable Foundation CIO Notes to the Accounts**
## **for the period from 20 May 2024 to 31 March 2025**
|**10 Grants awarded**
Donations
**11 Governance Costs**
Secretarial Fees & Disbursements: Governance
Sundry Expenses
Indemnity Insurance
Independent examination fees|**2025**
**£**
**C/fwd**
**£**
-
-
-
**2025**
**£**
-
-
-
-
-|
|---|---|
The governance costs relate to the portion of secreterial fees and disbursements which relate to all matters other than processing of grant applications, and all other
## **12 Trustees' remuneration and expenses**
There were no staff other than the Trustees. The Trustees received no remuneration during the year.
## **13 Analysis of net assets between funds**
|Investments
Current Assets
Current Liabilities
**Total**|**2025**
**£**
**Capital**
**Account**
-
-
-
-|**2025**
**£**
**Income**
**Account**
-
-
-
-|**2025**
**£**
**Total**
#REF!
-
-
-
-
-
-
-|
|---|---|---|---|
## **14 Related party transactions**
There were no related party transactions for the period.
10