Docuslgn EnvelDP8 ID. S461EBO￿B474O5A-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

Do￿SigN 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 re￿nt 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 pro￿s8 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 AC￿pIed 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.

D￿U519￿ 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 re￿ip1S 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

DoCus￿n Envalop8 ID.. 5461EB0￿B474OSA-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