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Regulations but which has since been withdrawn.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 servI￿s. 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
reSoUr￿S 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 Con￿rning 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