DorAlgn Envelopè ID. 8B6F5AB52C24bIO-98?wAl7e80595s71 DUNCAN NORMAN TRUST FUND ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED TH 30 JUNE 2025 CHARITY NUMBER - 250434
Docusign Envelo ID. 8B6FSABO-$2C2JBIO.982B.A17880595571 DUNCAN NORMAN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2025 The Trustees present their annual report and financial slatements of the charity for the year ended 30th June 2025. The financial statements have been prepared in accordance with Ihe accounting policies set out in note 1 to the financial slalemenls and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) OBJECTIVES AND ACTIVITIES The Trust Fund has been established to make grants for charitable purposes. Grant making policy Grants are made, in the rnain, to smaller charities and organisations known to the Trustees and wider family of Duncan Norman. Unsolicited applications are therefore not considered. Public benefit In planning the Fund's grant-making the Trustees have kept in mind the Charity Commission's guidance 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 continue its grant making activities. Financial Review Investment income of £32,691 was received during the year12024'. £29,488). This funded grants of £27,05012024'. £28,600) to charitable organisations. Capital investments were valued at £1,057,626 (2024.. £1,074,087) at the year end. Total costs incurred by the charity are summarised below: 2025 2024 LCVS granl-making process LCVS administration Trustees meeting costs Trustees, expenses Investment management charges Independent examination 1,178 3,535 455 183 5,456 350 1,147 3,442 498 341 7,645 250 11,157 13.323
Docusign Erw81ope ID". 886F5A8s?G24BlO-982B-A1788OsgSs7l DUNCAN NORMAN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2025 Investment Policy and Powers The Trustees have the same full and unrestricted powers of investment in all respects as if they were the beneficial owners. They have decided to 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 moderate degree of risk. The investment strategy is set by the Trustees and takes account of recent demands for funds and 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{sl adopting a medium risk approach to investment. The Trustees believe a five-year tender process should be adopted and reviewed. Reserves Policy The Trustees only distribute income 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 distribLJtion of income to charitable organisations. STRUCTURE, GOVERNANCE AND MANAGEMENT Duncan Norman Trust Fund is a registered charily, number 250434 and is constituted under a Trust Deed dated 30th April 1966. Organisation, management and delegation: The Trustees, in their power, have delegated the management of the investments to CCLA (previously with Rathbone Investment Management Limited until Decerllber 2024) and the administration of grant-making and accountancy to LCVS. The Trustees rneet during the year to review these arrangements, the financial position and to make grants. The Trust 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 ofthe Board of Trustees ar)d 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.
Docusign Envdope ID." 8B6F5ABO-52C24BIO-982B-A17880595571 DUNCAN NORMAN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2025 REFERENCE AND ADMINISTRAVIE DETAILS Name Charity number Principal Office Duncan Norman Trust Fund 250434 LCVS 151 Dale Street Liverpool L2 2AH J H J Ford (Formally Lazar) V S Hilton C E Lazar (Chair) D C Miller R J Venner Trustees Administrator & principal 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 lirrited by guarantee without share capital, company number 181759.11 is also a registered charity, number 223485, and a charitable Trust Corporation. Paula Sanchez ACCA Score Lane Liverpool L16 5EF Rathbone Investment Management Limited Port of Liverpool Building Pier Head, Liverpool L3 1 NW CCLA Investment Management Limited One Angel Lane, London, EC4R 3AB Independent Examiner Investment Manager TRUSTEES, RESPONSIBILITIES 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 Practi1. The law applicable to charities in England and Wales requires the charity trustees to prepare financial slalements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources 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 the methods and principles in the applicable Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial slatemenls.,
Docusign Env81op8 ID". 886FSA8S2C2461O-982B-AI788o5S5571 DUNCAN NORMAN TRUST FUND TRUSTEES. REPORT FOR THE YEAR ENDED 30TH JUNE 2025 prepare the financial statements on the going concem basis unless il 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 at any time the financial position of the charity and to enable them lo ensure that the financial stalernents comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also resporysible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by Slyftedby. C E Lazar- Trustee 21 November 2025 Dated:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DUNCAN NORMAN TRUST FUND I report lo the Irustee on my examination of the accounts of Duncan Norman Trust Fund {'the charity'l for the year to 30th June 2025, 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 accordan with the requirements of the Charities Act 2011 I'the 2011 Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 20fj1 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl 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 Ihat an independent examination can provide. Consequently, l express no opinion 8$ 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 Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form 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 examination. 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. Paula Sanchez Name of applicable listed body." Association of Chartered Certified Accountants Relevant professional qualification or body.. ACCA Date.. 06 Dember 2025
Dwsign Envelow ID. 8B6F5ABfv52C2-4B1Ck982B-A17880595571 DUNCAN NORMAN TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2025 Unrestricted Funds Capitsl Funds 2025 Income Funds 2025 Total 2025 Total 2024 Income from: Investments Notes 29,861 2,830 29,843 29,488 Total income 29,861 2,830 32,691 29,488 Expenditure on: Raising funds Charitable activities 5,456 5,456 32,751 7,645 34,628 32,751 Total expenditure 32,751 5,456 38,207 42,273 Net expenditure (2,8901 12,626) 15,5161 112,785) Net Ilosses)Igains on investment assets 113,835} {13,8351 76,614 Net movement in funds {2,8901 116,461) {19,3511 63,829 Reconciliation of funds.. Total funds brought forward 12,9D6 1,074,087 1,086,993 1,023,164 Total funds carried forward 10,016 1,057,626 1,067,642 1.086,993 The notes on pages 9 to 14 form part of these accounts. The net movement in the funds in the year is derived from the continuing activity of the charity.
o¢usign Envelope ID.. 8B6F5AB(k52C24B10-982B-A17880595571 DUNCAN NORMAN TRUST FUND BALANCE SHEET AS AT 30TH JUNE 2025 th 30 June 2025 30th June 2024 Fixed assets Investments Notes 1,057,626 1,074,087 Current assets Debtors Cash balances 2,848 12,231 3,351 14,694 15,079 18,045 Current liabilities Creditors 15,0631 (5,1391 Net Current assets 10,016 12,906 Net assets 1,067,642 1,086,993 The funds of the charity: Unrestricted funds Capital funds Income funds 1,057,626 10,016 1,074,087 12,906 1,067.642 1,086,993 Approved and authorised for issue by the Trustees and signed on their behalf on the C E Lazar - Trustee 21 Navember 2025 Date: D C Miller-Trustee 01 DÈcÈmber 2025 Date:
Docusign Envelope ID". 8B6F5AbQ-52c24B1982BA178s0SSSS71 DUNCAN NORMAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025 1. ACCOUNTING POLICIES Basis of Accounting The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless othenNise stated in the relevant notelsl to these accounts. The financial statements have been prepared in accordance 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 IFRS1021 ISORP 2019} effective from 1 January 2019 and Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial slalements 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. Going concern At the time of approving the accounts the trustees have a reasonable expectation that the charity has adequate resources to continLJe in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing Ihe accounts. Investments In accordance with Statement of Recommended Practice.. Accounting and Reporting by Charities ISORP 2019}, investments held as fixed assets are stated at fair value. Realised and Ljnrealised gains and losses are dealt with as movements on the Capital Fund. Investments are valued at the mid-market price on the valuation date. Fund a¢counting Unrestricted funds are considered 'free' reserves and are available for use or retention at the discretion of the Trustees, in accordance with the charity's objectives. Free reserves are undesignated funds available for Ihe furtherance of the general objectives of the charity. Income recognition Income from investments comprises dividend income and interest and are accounted for when received in the financial year. 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 expenditure 18 accounted for on an accrual basis. All expenses, including support and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial aclivilies.
D{USIn Envebpe ID". 886F5ABO-52C24B10-9828-A17880595571 DUNCAN NORMAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 TH Raising funds costs relate to expenses incurred in the management of the investment assets. Charitable activities include 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. Governance costs relate to compliance with constitutional and statutory requirements and specifically inc5ude all costs incurred by the charity in producing the Annual Report. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including Iransaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangernent constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Dere¢ognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. io
Dwusign Envelope ID.. 8B6F5ABfv52C2-4B1fv982B-A17880595571 DUNCAN NORMAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025 Taxation The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation lax on income or gains falling within those exemptions. Partial recovery is made of tax credits on UK dividend income. The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounls inclusive of VAT. Critical Accounting Estimates And Judgements In Ihe application of Ihe charity's accounting policies, the trustees are reqLJired lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying 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. There are not key estimates or judgements in the preparation of these accounts. 2. Income and endowments from: Income Funds 2025 Capital Funds 2025 Total Total 2025 2024 Investments Investments dividends and interest 29,861 2,830 32,691 29,488 Income from investments for 2024 related wholly to income funds. 3. Expenditure on charitable activities: Direct Support& Total Total Charitable Governance 2025 2024 Expenditure Costs To make grants for charitable purposes. 28,228 4.523 32,751 34,628 Analysed as follows.. 2025 2024 Direct charitable expenditure.. Grant funding Grant support costs 27,050 1,178 28,900 1,147 28,228 30,047 li
Dw$ign Envejope ID.. 8B6FSABO-52C24B10-982B-A17880595571 DUNCAN NORMAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025 2025 2024 Support & Governan costs.. Administration Trustees meeting costs Trustees, expenses Independent examination fee 3,535 455 183 350 3,492 498 341 250 4,523 4.581 Total expenditure on charitable activities 32,751 34,628 During the year there was one trustee reimbursed for Iravel and hotel expenses of £183 (2024.. two trustees £341). No trustees were remunerated in the year (2024.. none). The following grants were made during the year.. Grants of £1,000 and over Merseyside Play Action Council Women's Health Information and Support Centre 1,000 1,000 2,000 25,050 Grants under £1,000 27,050 4. Fixed Asset Investments CCLA Investments 2025 2024 Quoted Investments: Market value at 1 sl July 2024 Transferred from Rathbone 1,100,795 1,100,795 Net realised (losses) on investment assets 143,1691 Market value at 30th June 2025 1,057,626 Book cost at 30th June 2025 1.100,795 12
DtspJ*gn Envelope ID. 8B6F5ABO-52C2-481&982WA17880595571 DUNCAN NORMAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 TH Rathbone investments 2025 2024 Quoted Investments: Market value al 151 July 2024 Acquisitions al cost Transferred to CCLA Movement on cash balances 1,074,087 42,338 11, 105,2441 140,5151 1,005,118 164,095 1187,5451 15,805 129.3341 997,473 Nel realised gains on investment assets Nel unrealised gains on investment assets 29,334 28,447 48,167 Net gains on investment assets 29,334 76,614 Marketvalue at 30 June 2025 1,074,087 Book cost at 301h June 2025 777.630 Investment assets are held in custodianship, in an account designated for clients, registered in the UK in the name ofthe nominee company Rathbone Nominees Limited. These assets were transferred lo CCLA Investment Management Limited in December 2024. At the 30th of June 2024 the following investments represent more than 50kn of the total market value of the portfolio. However, please note that CCLA Investments do not provide a detailed investment breakdown. 2025 2024 JP Morgan- US Hgd K inc JP Morgan- US C Net inc Mercantile Investment 63,127 5.9 59,791 5.6 72,230 6.7 5. Debtors 2025 2024 Accrued Income 2,848 3,351 6. Creditors 2025 2024 Administration and support Independent examination fee 4,713 350 4,889 250 5,063 5,139 13
Docusign Envelope ID. 8B6F5ABQ-52C24B10-982A1788o595571 DUNCAN NORMAN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025 7. 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. 8. Related Party Transactions A grant of £300 12024.. £300) was made to Bim)ingham Dogs Home of which Mr R Venner is a trustee. Charitable activities.. these include £1,178 {2024.' £1,147) grant making administration costs payable to LCVS and £nil12024.' £3001 donation towards LCVS Community Accountancy Service. Support and governance costs include £3,535 (2024.. £3,442) payable to LCVS in respect of trust adminislralion which is included in creditors at the year end. LCVS is related lo the Trust by virtue of being the Administrator. 14