Docuslgn EnvelDP8 ID. S461EBOB474O5A-AB23L7DE9O4DEls2 . DUNCAN NORMAN TRUST FUND UNAUDITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 CHARITY NUMBER - 250434
Docusi9n Env8l¢pe ID.. 5461EB05*B47405A-AB23£70E904DE152 DUNCAN NORMAN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 The Trustees present their annual report and financisl statements of the ¢harily for the year ended 30th June 2024. The financial statements have been prepared in accordance with the aceounling policies Set out in note I to the financial statements and comply wilh the charity's trust deed, the Ch8ritie$ Act 2011 and Accounting and Reporting by ChariliÈs.' Statement of Recommended Practice applicable lo Charities pieparing their accounts in accordance with the Finan¢i81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 OBJECTIVES AND ACTIVITIES The Trust Fund has been established to make grants for charitable purpDse5. Grant making policy Grants are rnade, in the main, to smaller charities and organisations known to the Trustees and wider famlly of Duncan Nomian. Unsolicited applications are therefore not considered. Public benofit In planning the Fund's granl-making the Trustees have kept in mind the Charity Con)mission's guidance on public benefit and review the guidance issued by the Commission pariodica11y. Aehievements and Performan¢& Investments have been managed throughout the year by the Investment Managers, with perforniance being monitored by the Trustees. The Trust has Ihereforg been able to continue its grant making activities. Financial Review Investment income of £29,488 was received during the year (2023.. £33.523). This funded grants of £28.600 (2023.. £29,050) lo charitable organisalions. Capital investments were valued al £1,074,08712023.' £1,005,118) at the year end. Total costs incurred by the charity are summarised below.. 2024 2023 LCVS accourntancy LCVS granl-lnaking process LCVS administration Trustees meeting ¢051s Trustees, expenses nveslmenl management Independent examination 350 1.147 3,442 498 341 7,645 250 632 1,054 2,528 505 175 7,482 250 13,673 12,626
DoSigN Envelop9 ID.. 5461EB054B47405A-AB23-C7DEg04DE152 DUNCAN NORMAN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 Inv8Stment Policy an(f Powers The TrLJStees have the same full and unresliicled powers of inveslment in all respects as il they were Ilie beneficial owners. They have decided lo appoint a professional manager to handle the Trust's investments on a discretionary basis, with the aim of achieving a balanced return from income and capital growth and accepting a mDd&ra19 degree of risk. The inveslinenl strategy is set by the Truslees and takes account of rent demands for funds and an assessment ol expeeled future neèds (seè Reserves Policyl. Th8 investment policy and strategy are reviewèd with the Investment Managers al regular intervals. The Trusle8s' objective is lo achievè both capital and income growth and al least to preservg the real value of the Trust's assets and investment income, over the medium lo long term. Risk Management The main risks lo 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 miligaling risklsl adoptir)g a medium risk approach to investment. The Trustees believe a five-year lender pros8 should be adopted and reviewed. Reserves Policy The Trustees only distribute income derived from investments held. The reserves are considered by the Twslees al the annual meeting. Plans for the Future The objectives remain unchanged for the future., the intention is for continued investment management on a ¢onsislent basis and distribution of income lo charitablè organisalions. STRUCTURE, GOVERNANCE AND MANAGEMENT Duncan Norman Trust Fund is a reglstered charity, number 250434 and is wnstitutod under a Trust Deed dated 30th April 1966. Organisation, management and delegation: The Trustees, in Ihelr power, have delegated the management of the investments lo Rathbone Investment Management Limited and the adminislralion of granl-making and accountancy to LGVS. The Trustees me91 during th8 year to review thes8 8rrangem8nts, Ihe financial posiliDn and lo make grants. The Trust Deed peimits the spgnding of capital., the Trustees have, however, agreed lo retain the capital for the lime being and to invest il lo produce income ID make grants. Recruitment and appointment of new tru5tges: New members are approached by the continuing members of the Board of Trustees and then appointed by election al a meeting of the Board of Trustees. Responsibility fc>r induction and training of the new Trustees rests with the continuing members.
DoGUSi9n Envebp8 ID. 5461EB05-6B47405A.AB23£7DE904DE152 DUNCAN NORMAN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 REFERENCE AND ADMINISTRAVIE DETAILS Name Duncan Norman Trust Fund Charity number 250434 Principal Office LCVS 151 Dale Street Liverpoo L2 2AH J H J Ford (Formally Lszarl V S Hilton C E Lazar {Chairl D C Miller R J Venner Administrator & princlpal Liverpool Charity and Voluntary Services ILCVSI at 151 Dale office street, Liverpool, L2 2AH provides administrative and trust secretarial services. It is incorporated under the Companies Act as a company limited by guarantee without share capital, company number 181759.11 Is also a registered charity, number 223485, and a charitable Trust Corporation. Paula Sanchez AGCA S¢oTr Lane Liverpool L16 5EF Ralhbone Investment Management Limited Port of Llvérpool Buibding Pior Head Liverpool L3 1 NW Trustees Independent Examiner Inv6$tment Managor TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The chèrily IrLJStees are resporisible for preparing a Iruslees, annual report and finan¢ial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpIed Accounting Practice). The lèw applicable lo charities in England and W8les requires the charity Iruslees to prepare financial statements for each year which give a true and fair view of the state of affairs of tho charity and of the incoming r&sources and application of resources, of Ihe charity foT that period. In preparing the financial stalemants, the tiuslees arè required to.. seleol suitable aGcounling pDlicie5 and then apply them consistently., obs&Ne the methods and principles in the appli¢able Charities SORP.. make judgements and estimates that are reasonable and prudent., slate whether applicable accounting Standards have been followed, subject lo any material departures that musl be disclosed and explained in the financial slatemenls.,
DoGusi9n EnveEope ID.. 5461EB05-6B47405A-AB23-C7DE904DE152 DUNCAN NORMAN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2024 prepare the financial slalements on the going concein basis unless il is inappropriate lo piesum8 that the charity will continue in business. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable actturacy at any lime the financial position of the charity and ID enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and IhE provisions of the Tlust deed. They are also responsible for safeguarding thè a55e15 of the charily and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by C E Lazar- Trustee
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DUNCAN NORMAN TRUST FUNO I report lo the trustee on my examination of the accounts of Duncan Norman Trust Fund {'the charity'l for the year to 30th June 2024, which are set out on pages 7 to 14. Responsibilities and basis of report As the trustee of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Acl 2011 {'the 2011 Act'l. I report in respect of my examination of the charity s accounts carried out under section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (51(b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently 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 assurance that an independent examination can provide. Consequently, l 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 examiner's statement. Independent examiner's statement I have completed my examination. I confim Ihal no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect: accoLJnting records were not kept in respect of the charity as required by section 130 of the 2011 Acl; or 2. the accounts do not accord with those records-, or 3. the accounts do not Comply with the applicable requirements concerning 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 Gonsidered as part of an independenl examination. I have no concerns and have come across no other matters in conneclion 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. Paula Sanchez Name of applicable listed body.. Association of Chartered Certified Accountants Relevant professional qualification or body.. ACCA Date: 9 Decemb8r 2024
DO(Sign Env8bpg ID 5461EB05-6B47405A-AB23£7DE904DE152 DUNCAN NORMAN TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2024 Unrestricted Funds Capital Funds 2024 Income Funds 2024 Total 2024 Total 2023 Income from- Investments Notes 29,488 29,488 33,523 Total incomo 29,488 29.488 33,523 Expenditure on: Raising funds Charitable activities 7,645 7,645 34,628 7,482 34,194 34,828 Total expendlture 34,628 7,645 42,273 41,676 Net expendltura 15,1401 17,6451 112,7851 18,1531 Nel gainsl{lossesl o investment assets 76,614 76,614 10,519 Net movement in funds 15,1401 68,969 63,829 2,366 R&coiitriliation of funds.. Total funds broLJghl forward 18.046 1,005,118 1,023,184 1,020,798 Total funds carried forward 12.906 1,074,087 1,086,993 1,023,164 The notes on pages 9 10 14 form part of these accounts. Th8 nel movemgnl in the funds in the year is derived from the continuing activity of th8 charity.
DDcusign Envelope ID". 5461EB054B47405A-AB23-C70Eg04DE152 DUNCAN NORMAN TRUST FUND BALANCE SHEET AS AT 30TPI JUNE 2024 3Dlh JUNE 2024 30th JUNE 2023 Fixed assets Investments Notes 1,074,087 1,005,118 Currént assets Debtors Cash balances 3,351 14,694 3,159 21,104 18,045 24,263 Currènt liabilities Creditors 15,139} 16,217) Ngt ¢urr&nt assets 12,906 18,046 Net assets 1,086,993 1,023.164 The funds of th6 ¢harity: Unrestrietèd funds Capital funds Income funds 1,074,087 12,906 1,005,118 18,046 1,086,993 1,023,164 Approved and authorised for issue by the Trustees and signed on their behalf on the C E Lazar- Trustee Date:... D C Miller-Trustee 07/12/2024 Date:
Docusign Envelope ID.. 5461EB054B47405A-AB23-C7DEg04DE152 DUNCAN NORfiIAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 1. ACCOUNTING POLICIES Basis of Accounting The accounts have been prepared under the historical CDSI convention with items recognised al Cost or Iransaclion value unless DlheThvise slated in the relevant nole(sl to thes& aGcounls. The financial statements have been prepared in accordance with the Slatomenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 ISORP 2019) effective from 1 January 2019 and Charities Act 2011. The trust ¢onslitules a public benefit enlily as definad by FRS 102. The accounts are prepared in sterling, which is the functional currency of th8 charity. Monetary amounts in these financial slalemenls are roundéd lo the nearest £. The Ch$rily h2S taken advantage ofthe provi5ion5 in the SORP for Charities applying FRS 102 Updatè Bulletin I not to prepare 8 Stalem6nt of Cash Flows. Going concern Al the time of approving the accounts th6 trustees have a reasonable expectation that the charity has adequate resour¢es to continue in operational existence for the forestreable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts. Investments In accordance with Slalemenl of Recommended Practice.. Accounting and Reporting by Charities ISORP 2019), investments held as fixed assets are stated al fair value. Realised and unrealised gains and losses Sre dealt with as movements on the Capital Fund. Investments are valued at the mid-markel pri on the valuation dale. Fund accounting Unrestricted funds are considered 'free' reservès ènd are available for use or retention al the discretion of the Trustees, in accordanco with the charity's objectives. Free reserves are undesignated funds available foT the furtherance of the general objectives of the charity. Income recognition Income from investments comprises dividend income and interest and ar8 accounted foT when received in the financial year. Expenditure recognition Liabilities are recogni5ed as expenditure as soon as there is a legal or constructive c>bligaliDn coininilling the Charity to that èxpenditure, it Is probable that settlement will be required, and the amount of the obligation Can be measured reliably. All experldilure is accounted for on an accrual basis. All èxpenses, including support 2nd governance costs, are allocated or apportioned to the appliGable expenditure heading5 in the statement of finanryal aclivilies.
DU519 Envelope ID" 5461E805-6B47405A-ABW70E904DE152 DUNCAN NORMAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 Raising funds costs relate lo expenses incurred in the management of the investment assets. Charitable activities include grant funding, along with associated support costs, lo beneficiaries, These are dealt willi in tlie Statement of FinanGial A¢livilies when payment has been approved by the charity. Governance costs rglale lo compliance with conslilutional and slalutory requirements and speoifically include all costs incurred by the charity in producing the Annual Report. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits hgld al call with banks, other short-16rm liquid investments with original malurilies of three months or less, and bank ov8rdrafts. Financial instruments The charily has elected lo apply the provisions of Section 11 '8ssi¢ Financial Instruments. and Section 12 '01her Finan¢ial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the ¢ontradual provisions of the inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enfoiceable right lo sel off the recognised amounts and there is an intention lo sèttlè on a net basis or to realisg the asset and sèttlé tha liability simullaneoL4s1y. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest mèthod unlesg the arrangement ¢onslilulos a financing transaction, where the Iransaclion is measured at the present value of the future ceipls discounted al a market rale of interest. Financial assets c5assilied as receivable within one year are not amorlised. Basic financial liabilitie$ Basic finanoial liabilities, includlng creditors are initially re¢ognised al transaction pri unless the arrangement constllutes a financing Iransa¢lion, where the debt inslrLJmenl is measured al the present value of the future reip1S discounted at a market rale of interest. Financial liabilities classified as payable within on8 y8ar are not amortised. Debt instruments are subsequently carried 21 amDrtised cost, using the effective inlerost rale method. Derecognition of financial liabilities Financial liabilities are derecognised when th6 charity's conlraclual obligations expire or are discharged or cancelled. io
Do¢uslgn Enveloptr10." 5461EB054B47405A-AB23£7DE904DE152 DUNCAN NORNIAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 Taxation The charity bènefits *rom various exemptions from taxation afforded by 18x legislation and is rFoI liable to Corporation lax on income or gains falling within those $xemplions. Partial recovery is made of tax credits on UK dividend income. The charily is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. Critical Accounting Estimates And Judgements In the appllcalion of the charity's ac¢c>unling policies, the Iruslees are required to rnake judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily spparènl from other sources. The èstimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. A¢lu41 resLills may differ from these estimates. The @stlM2tes and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates arè reeognised 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 bDlh current and future periods. 2. Income and endowments from: Income Funds 2024 Capital Funds 2024 Total Total 2024 2023 InvestmeDt5 Inveslmgnts dividends and inlsrest 29,488 29,488 33.523 Income from investments fDr 2023 related wholly lo income funds. 3. Expenditure on ¢haritable actlvitigs: Direct Support & Charitable Ggvgrnance Expenditure Costs Total Total 2024 2023 To mako 918nts for charilabl purposes. 29,747 4,881 34.628 34,194 Analysod as follows.. 2024 2023 Direct charitable expenditure.. Grant funding Grant support costs 28,600 1,147 29,050 1,054 29.747 30,104
DoCusn Envalop8 ID.. 5461EB0B474OSA-A823-C7DEgo4DEIS2 DUNCAN NORMAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 2024 2023 Support & Governance Gusts.. Statutory accounts preparation Adminislrafion Trustees metrling costs Trustees, expen89S Independent examinslion faè 350 3.442 498 341 250 632 2,528 505 175 250 4881 4,090 Totsl expenditure on charitablo activlties 34,628 34.194 Out of pocket travel or meeting expenses of £341 12022.. £175} were r&imbursed to two Iruslees in the year {2023'. 11 No trustees were rèmunerated in the year12023'. none). The following grants were made during the year.. Grants of £1,000 and over Alfies Squad CIC Blackburn HDuse Ibijoke Children's Foundation Yellow House Cultural Centre 1,500 1,50CI 1,500 1,500 6,000 22,600 Other grants 28,600 12
DO(Sign Envek)pe ID.. 5461EB054847405A.AB23.C7DE904DE152 DUNCAN NORMAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 4. Fixed Asset Investments 2024 2023 Quoted Investments.. M8rkel value al 1Ét July 2023 Acquisitions al cost Disposal proceeds Movement on cash balances 1,005,118 164,095 1187,5451 15,805 1,002,081 170,58S 1147,691) 130,3761 997,473 994,599 Nel realised gains on investment assets Nel unrealised Ilossesllgains on investment assets 28,447 7,226 48,167 3.293 Net gainslllossesl on investment assets 76,614 10.519 Market value at 30th June 2024 1,074,087 1,005,118 Book cost at 30th June 2024 777,630 772,633 nveslment assets are held in custodianship, in an account designated for clients, registered in Ihg UK in the name of the nominee company R&lhbone Nominees Limitgd. At the 30th June 2024 the following investments repiesenl more than 5DA of the total market value of the portfolio.. 2024 2023 JP Morgan- US Hgd K inc JP Morgan- US C Net inc Mercantile Investment 63,127 59,791 72,230 58,625 55,377 60,264 5. Debtors 2024 2023 Accrued Income 3,351 3,159 13
Docusign Envelope ID.. 5461E8054B47405A_AB2&C7DE904DE152 DUNCAN NORMAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024 6. Creditors 2024 2023 Adminislralion and support Independent examination fee Tiustee meeting expenses Grants due 4,889 250 4,214 -500 503 1,000 5.139 6,217 7. Unrestricted Funds Capital Funds.. Funds held provide income for the ongoing activities of the Irusl. Income Funds.. Investment income and donations received for distribution as grants ID charitable voluntary organisalions. 8. Related Party Transactions A grant of £300 {2023.. £30CI) was Made to Bitmingham Dogs HDme of which Mr R Venner is a Iiustee. Charitable aclivilies.. these include £1,14712023.. £1,054) grant making administration costs payable to LCVS and £35012023.. £300) towards LCVS Comtnunily Accountancy Service. Support and govemance costs include £3,44212023'. £2,860) payable to LCVS in respect of trust administration which is included in ¢redilors at the year end. LCVS is rolaled to the Trust by virtue of being the Adminislraloi. 14