THE DUNCAN NORMAN TRUST FUND ANN AL REP RT E YEAR ENDED 30 TH LINE 202
THE DUNCAN NORMAN TRUST FUND TRUSTEES. REP RT FOR THE YEAR ENDED 30 UNE 2021 The Trustees present their annual report and financial statements of the charity for the year th ended 30 June 2021. The financial statements have been Pfepared in accordance with thg 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 (FRS102). The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. OBJECTIVES AND ACTNITIES FOR THE PUBLIC BENEFIT The Trust Fund has been established to make grants for charitable purposes. Grant making policy.. Grants are made, in the main, to smaller charities and organisations known to the Trustees and wider family of Duncan Norman. Unsolicited applications are therefore nol considered. Public beneflt.. In planning the Fund's grant-making the Trustees have kept in mind the Charity Commission's guidan on public benefit and review the guidance issued by the Commission periodically. ACHIEVEMENTS AND PERFORMANCE Investments have been managed throughout the year by the Investment Managers, With performance being monitored by the Trustees. The Trust has therefore been able to conlinue its grant making activities. FINANCIAL REVIEW Investment income of £28,003 was received during the year {2020'. £32,814). This funded grants of £25.300 (2020: £36,050) to charitable organisations. Capital investments were valued at £1,094,643 (2020: £952,794) at the year end. Tolal costs incurred by the charity are summarised below.. 2021 2020 LCVS accountancy LCVS grant-making process LCVS administration Trustees meeting costs Trustees, expenses Investment management Independent examination 467 933 2,387 550 1,091 2,039 350 623 4,802 240 4,771 246 8,804 9,696
THE DUNCAN NORMAN TRUST FUND TH R THE YEAR ENDED 30 JUNE 2021 TRUSTEES, REPORT Investment policy and powers.. The Trustees have the same full and unrestricted powers of investment in all respects as rf they were the beneficial owners. They have decided to appoint a professional manager to handle the Trusys investments on a discretionary basis, with the aim of achieving a balanced ratum from income and capital growth and accepting a moderate degree of risk. The inveslment strategy is set by the Trustees and takes account of recent demands for funds arKI an assessment of expected future needs (see Reserves Policy). The investment policy and strategy are reviewed with the Investment Managers at regular intervals. The Trustees, objective is to achieve both capital and income growth and at least to preserve the real value of the Trust's assets and investment income, over the medium to long term. Risk management," The main risks to which the charitable Trust is exposed is investment risk and effects to income generated through investments. The Trustees have appointed Rathbones on a discretionary mandate with the objective of mitigating risk{s) adopting a medium risk approach to investment. The Trustees believe a five year tender process should be adopted and reviewed. ReseThes policy.. The Trustees only distribute incorne derived from investments held. The reserves are considered by the Trustees at the annual meeting. Plans for the future The objectives remain unchanged for the future" the intention is for continued investment management on a consistent basis and dislribution of income to charitable organisations. Covid-19 The impact of the Covid-19 pandemic has led to a reduction in income lo the charity. The Trustees will continue to follow their usual practice and consider the funding available before making grants. STRUCTURE, GOVERNANCE AND MANAGEMENT Organisation, management and delegation.. The Trustees, in their power, have delegated the management of the investments to Rathbone Investment Management Limited and the administration of grant-making and accountancy to LCVS. The Trustees meet during the year to review these arrangements, the financial position and to make grants. The Trusl Deed permits the spending of capital., the Trustees have, however, agreed to retain the capital for the time being and to invest it to produce income to make grants. Recruitment and appointment of new trustees.. New members are approached by the continuing members of the Board of Trustees and then appointed by election at a meeting of the Board of Trustees. Responsibility for induction and training of the new Trustees rests with the continuing members. REFERENCE AND ADMINISTRATIVE DETAILS The Duncan Norman Trust Fund is a registered charity, number 250434. It was established by a Trust Deed dated 30 April 1966. Trusteos.. The Trustees are Mrs C. E. Lazar (chair), Mrs V. S. Hilton, Miss J. Lazar, Mr R. Venner and Miss D. Miller.
THE DUNCAN NORMAN TRUST FUND TH FOR THE YEAR ENDED 30 JUNE 2021 TR TEE 'REP Administrator & principal office.. Liverpool Charity and Voluntary Services {LCVS) at 151 Dale Street, Liverpool. L2 2AH provides administrative and trust secretarial servIs. It is incorporated under the Companies Act as a company limited by guarantee without share capital, company number 181759. It is also a registered charity, number 223485, and a charitable Trust Corporation. Pmfesslonal advISe.. Investment Managers Rathbone Investment Management Limited Port of Liverpool Building Pier Head Liverpool L3 1NW Anna Spencer-Gray RSM UK Tax and Accounting Limit8d 20 Chapel Street Liverpool L3 9AG Independent Examiner Trustees, rgsponsibilities in relation to the financial statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity twstees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming reSoUrS and application of resources. of the charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe Ihe methods and princip18s in the applicable Charities SORP. ' make judgements and estimates that are reasonable and prudent; stste whether applicable accounting slandards have been followed. subject to any material departures that must be disclosed and explained in the financial ststements; prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approv•d by the Trustses and signed on their behalf by Mrs C E Lazar Chalr of Trustaes Dat•: lili0(
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DUNCAN NORMAN TRUST FUND I report to the trustees on my examination of the accounts of The Duncan Norman Trust th Fund (Ihe charity'} for the year ended 30 June 2021, which are set out on pages 6 to 12. R•sponsibilities and basls of roport As the trustees of the charity you are fesponsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the charittys accounts Carried out under section 145 of the 2011 Act and in carrying out my examination I have foll¢)wed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 ACL An independent examination does not involve gathering all the evidence that would be required in an audit and consequentty does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assuran that an independenl examination can provide. Consequently, I express no opinion as to whether the accounts present a 'true and fair view. and my report is limited to those specific matters set out in the independent examinerfs statement. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Ad" or 2. Ihe accounts do not accord with those records" or 3. the accounts do not comply with the applicable requirements Conrning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examinalion. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Ank7a Sp6n66f-hray Name: Anna Speneer-Gray Name of applicable listed body: The Institute of Chartgrod Accountants in England and Wales Relevant professional qualification or body: Chartarod Accountant ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants 14th Floor 20 Chapel Street Liverpool L3 9AG Date.. 19110122
THE DUNCAN NORMAN TRU T FUND ENDED 30 TATEM NT ANCIAL ACTIVITIES F TH UNE 2021 --NRESTR1cTED FUNDS- Year to 30 Incomo Capital Notes Funds Funds th uno 2021 Year to th 30 June 2020 Total Total Income from: Investments 28,003 28,003 32,814 Total income 28,003 28,003 32,814 Expenditurè on: Raising funds- Investment management costs Charitable activities: Grant funding 4,771 4.771 4,802 29.333 29.333 40,943 Total expenditure 29,333 4,771 34,104 45,745 Net ?xp•nditurg and net movemont in funds b6for• galns and lossos on investments (1,330) (4,771) (6.101) (12,931) Net gainsl(losses) on investment assets 146,620 146,620 (76,088) Net movam6nt In funds (1,330) 141,849 140,619 (89,019) Reconciliation of funds.. Total funds broughl fop•vard 16,271 952,794 969,065 1,058,084 Total funds Carrled fonward 14,941 1,094,643 1,109,684 969,065 The net movement in funds for the year was derived from the continuing activities of the charity. The notes on pages 8 to 12 fomi part of these accounts. Thnse uiiaijdiled linanr.ial slalg.monl£ have bdien siibjecled lo indepeiidenl exainin81ion. See report on page J.
THE DUNCAN NORMAN TRUST FUND BALANC HEEf AS AT 30 J NE 2021 -UNRESTRICTED FUNDS------- At 30" June 2021 At 30 June 2020 N¢)tss Fixed assets Investments 1,094,643 952.794 Current assets Debtors Cash Balance 1,992 16,982 1,992 18,129 18,974 20,121 Current liabilities Creditors (4,033) (3,850) 14,941 16,271 Net assets 1.109,584 969,066 The funds of the charlty: Capital Funds Income Funds 1,094,643 14,941 952,794 16,271 1.109,584 969,066 Approved and authorised for issue by the Trusteès and signed on th¢lr behalf by Mrs C E Lazar Chair of Trusts8s Miss D Miller Trustse 60 q JOLI I IIL-se Ullc?udil@d liiiaiiLial slaletnen15 lidve been SLII)jocl@d lo independeiil examiiialioi). bpp repoit oli page 5.
THE DUNCAN NORMAN TRUST FUND FOR THE YEAR ENDED 30 JUNE NOTE TO THE FINANCIAL TAT MENT Accountin Polioies Basis of Accountlng The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in Ihe relevant note(s) to these accounts. The financial statements have been prepared in accordan 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) (SORP 2015) and Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The accounts are pr4)ared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Golng concem At the time of approving the accounts, given the impact of the Coronavirus pandemic, tha trustees have a reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. Fund accountlng Unrestricted funds are considered 'free' reseNes and are expendable at the discretion of the Trustees in furtherance of the general objectives of the Trust. Investments Investments held as fixed assets, in accordance with SORP 2015 are slated and included n the balance sheet at their market value at the valuation date nearest to the year end. Realised gains and losses are dealt with as movements on the Capital Fund. Investments are valued at the mid-market Pri on the valuation date. Income recognition Income from investments comprises dividend income and interest and is accounted for on an accruals basis. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditu is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expendrture headings in the Statemenl of Financial Activitias. Raising funds costs relate to expenses incurred in the management of the investment assets. Charitable activities includes grant funding, along with associated support costs, to beneficiaries. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity. G0Veman costs relate to compliance with constitutional and statutory requirements and specifically include all costs incurred by the charity in producing the Annual Report. l-liese uiiaudiled financial slalements hy¢ ve l)oen sliblecl lo indepeTrdei?l exdminalion. K£ee report on page 5.
THE DUNCAN NORMAN TRUST FUND ENDED 30 JUNE 2021 NOTE THE FINANCIAL STATEMENTS FOR THE YEA The estimates and undertying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Charitable Activities 2021 2020 Direct chan'lable activilies.. Grant funding Grant support costs 25,300 933 36,050 1,091 26,233 37,141 Support and govemance costs.. Statutory accounts preparatton Administration Trustees meeting costs Trustees, expenses Independent examination fe& 467 2,387 550 2,039 350 623 240 246 3,100 3,802 29,333 40,943 No out of pocket travel or meeting expenses were reimbursed to trustees in the year (2020: £623 to 4 Trustees). No trustees were remunerated in the year (2020: none). During the year the following grants were made.. Grants to organisations of £1,000 and ov•r James, Place Charty Liverpool Six Community Association The Florence Institute Trust The Opening Doors Project 1,000 1.000 1,000 1.000 4,000 21,300 Other Grants 26,300 Tliese unatidiled tii'iancial slaleinents liave be@ii subjected lo indLpeiident examiiialion. Sèe roporl on page J. io
THE DUNCAN NORMAN TRUST FUND THE FINANCIAL STATE ENT FOR ThE EAR ENDED 30 TE TH NE 2021 Fixed Asset Investments 2021 2020 Quoted Investments: st Market value at 1 July 2020 Acquisittons at cost Disposal proceeds Movement on cash balances 952,794 1.033,684 156,744 148,593 (137,886} (177,421> (23,629) 24,026 948,023 1.028,882 Net realised gains on investment assets Net unrealised gainsl(losses) on investment assets 35,835 110,785 8,941 (85,029) Net gainsl(Iosso5) on Investment assets Market valuè at 30 Juno 2021 146,620 (76.088) 1,094,643 962,794 th Book cost at 30 June 2021 796,690 764,626 Investment assets are held in custodianship, in an account designated for clients. registered in the UK in the name of the nominee company Rathbone Nominees Limited. th At the 30 June 2021 the following investments represent more than 5¥0 of the total market Value of the portfolio.. Mercantile Investment 7.30/0 £79.980 (2020: 6.2 % btors 2021 2020 Accrued income 1,992 4,992 Creditors 2021 2020 Administration and support Independent examination fee 3,787 246 3.610 240 4,033 3,860 riiese Liiiaudiled fiiiaiicial 5taleiMenls have bèen raubjecled lo independenl examiiialion. See I'éporl oli page 5. li
THE DUNCAN NORMAN TRUST FUND NOTES TO THE FINANCIAL ST TE ENT R THE YEAR ENDED 30 TH UNE 2021 Unrestricted Funds Capital Funds." Funds held provide income for the ongoing activities of the trust. Income Funds.. Investment income and donations received for distribution as grants to charitable voluntary organisations. Related Parties A grant of£300 <2020: £300) was made to Birmingham Dogs Home ofwhich Mr R Venner is a trustee. I liepJe ui7aiidiled financial slalemeiils have boojn SLibiAcled ta independent examiiialion. See roporl oli pacJe J. 12