DorAl￿gn Envelopè ID. 8B6F5AB￿52C24bIO-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". 886F5A8￿s?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 Practi￿1. 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". 886FSA8￿S2C2461O-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 De￿mber 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-52c24B1￿982BA178s0SSSS71
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{￿USI￿n 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-52C24B10-982￿A1788o595571
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