Charity registration number 252102
NORMANBY CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
NORMANBY CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
NORMANBY CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | CEW Phipps, The Marquis of Normanby |
|---|---|
| Nicholas Adam Buchan | |
| Lady Peronel Cruz | |
| Lady Lepel Kornicki | |
| Lady Henrietta Burridge | |
| Charity number | 252102 |
| Principal address | More House |
| 52 Tite Street | |
| London | |
| SW3 4JA | |
| Independent examiner | N Clemit ACA, FCCA |
| JWPCreers LLP | |
| Chartered Accountants | |
| Genesis 5 | |
| Church Lane | |
| York | |
| YO10 5DQ | |
| Bankers | C Hoare & Co |
| 37 Fleet Street | |
| London | |
| EC4P 4DQ | |
| Investment advisors | Cazenove Capital Management Limited |
| 12 Moorgate | |
| London | |
| EC2R 6DA |
NORMANBY CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022
The trustees present their annual report on the affairs of the charity, together with the financial statements and independent examiners’ report for the year ended 5 April 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, 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 published in October 2019.
The legal and administrative information page forms part of this report.
Objectives and activities
The summary of the objectives as stated in the Trust Deed are:
“The trustees are directed to pay or apply the income of the endowment to or for other charitable purposes of bodies, associations and organisations specified in the Trust Deed or any other charities for the time being registered under the Charities Act or such other charitable purposes as the trustees in such shares and manner as the trustees shall from time to time determine. The trustees are given discretion to apply the whole or any part of the capital of the Trust Fund for any of the like purposes.
Any income not applied as above mentioned may be temporarily invested and the proceeds of any investments so made are to be applied as current income”.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the year.
The charity aims to achieve its objectives by using the income from the investment portfolio to fund grants in accordance with the policy below.
Grant making policy
The charity has established its grant making policy to achieve its objects for the public benefit of making grants to or for the benefit of such charitable purposes or bodies as the trustees think fit.
In accordance with the objectives under the Trust Deed the trustees do exceptionally make grants outside the preferred area.
The trustees predominantly give out grants to institutions, although will occasionally make exceptions for individuals, and they will confine their assistance, for the moment, to mainly North Yorkshire and the North East of England. On occasions The Normanby Charitable Trust makes pledges of grants on condition that the project is able to go ahead. They have, therefore, at times had to retain income to cover these pledges.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.
Achievements and performance
During the year, the investment portfolio provided income of £157,960 (2021: £182,952). Grants of £396,547 (2021: £173,106) have been made to a total of 37 (2021: 34) charitable organisations, assisting a wide variety of causes in the year.
Financial review
The statement of financial activities is set out on page 4.
The charity had net expenditure before investment gains of £312,181 (2021: £55,770). Disposals of investments realised proceeds of £7,205,442. There were net realised losses on disposals of investments of £23,362 and net unrealised gains of £627,960 giving a total investment gains of £604,599. There was a net increase in funds in the year of £292,418 leaving total funds carried forward of £14,188,955.
The trustees are satisfied that the charity’s assets are available and adequate to fulfil its obligations.
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NORMANBY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level to provide sufficient funds to cover management, governance and support costs and in particular to cover the grants recommended for payment by the trustees.
The trustees maintain an expendable endowment fund. The trustees consider that the capital of the fund needs to be retained in order to produce ongoing income for charitable purposes. The trustee’s policy is to distribute income received; any income not applied is temporarily reinvested. The trustees are given discretion to apply the whole of any part of the capital of the general expendable endowment fund in accordance with the objects of the Trust Deed.
The trustees have allocated money to the designated expendable fund, so the balance is now at £57,000 (2021: £171,238), which is
to be used for a significant future projects.
At 5 April 2022, the charity had general expendable non-designated funds of £14,131,955 (2021: £13,725,299) and the trustees are satisfied that these funds are available and adequate to fulfil the charity’s obligations.
The investment strategy is set by the trustees on an annual basis and takes account of recent demands for funds and the quality of the funding applications. The trustees consider the income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. This strategy is set within an overall policy which states that funds are to be invested to maximise total return with due respect to risk.
The unrestricted funds may be invested in any type of investment. The strategy is reviewed with the investment managers annually.
Investment Powers
There are no restrictions on the charity’s power to invest.
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate the exposure to major risks. The trustees have formulated an investment policy to mitigate investment risks.
Plans for future periods
The charity will continue to make the investment portfolio work to ensure grants are issued when the trustees see fit.
Structure, governance and management
The charity was formed under a Trust Deed dated 31 March 1966.
The power to appoint new or additional trustees is vested in the settlors during their joint lives and thereafter in the survivors of them.
The trustees meet two or three times a year to award grants, review the investment portfolio and discuss the administration of the
charity.
New trustees would be supported by the experienced trustees and on induction would be provided with a copy of the previous year’s accounts and any other relevant information.
The Trustees' r eport was approved by the Board of Trustees.
CEW Phipps, The Marquis of Normanby
Trustee
26 July 2022
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NORMANBY CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORMANBY CHARITABLE TRUST
I report to the Trustees on my examination of the financial statements of Normanby Charitable Trust (the Trust) for the year ended 5 April 2022.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
N Clemit ACA, FCCA
JWPCreers LLP Chartered Accountants Genesis 5 Church Lane York YO10 5DQ
Dated: 26 July 2022
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NORMANBY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2022
| Expendable Endowment funds Unrestricted Designated 2022 2022 Notes £ £ Income Investments 2 157,960 - Expenditure Raising funds 3 68,091 - Charitable activities 4 80,534 321,516 Total expenditure 148,625 321,516 Net gains/(losses) on investments 8 604,599 - Net income before transfers 613,934 (321,516) Gross transfers between funds (207,278) 207,278 Net income for the year/ Net movement in funds 406,656 (114,238) Fund balances at 6 April 2021 13,725,299 171,238 Fund balances at 5 April 2022 14,131,955 57,000 |
Expendable Endowment funds Total Unrestricted Designated 2022 2021 2021 £ £ £ 157,960 182,952 - 68,091 61,091 - 402,050 154,376 23,255 470,141 215,467 23,255 604,599 3,252,061 - 292,418 3,219,546 (23,255) - (74,624) 74,624 292,418 3,144,922 51,369 13,896,537 10,580,377 119,869 14,188,955 13,725,299 171,238 |
Total 2021 £ 182,952 |
|---|---|---|
| 61,091 177,631 |
||
| 238,722 | ||
| 3,252,061 | ||
| 3,196,291 - |
||
| 3,196,291 10,700,246 |
||
| 13,896,537 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
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NORMANBY CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2022
| Notes Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Expendable Endowment Funds Unrestricted funds General unrestricted funds Designated funds |
2022 £ 12,062 91,840 103,902 (21,297) 14,131,955 57,000 |
£ 14,106,350 82,605 14,188,955 14,188,955 14,188,955 |
2021 £ 16,677 187,369 204,046 (20,742) 13,725,299 171,238 |
£ 13,713,233 183,304 |
|---|---|---|---|---|
| 13,896,537 | ||||
| 13,896,537 | ||||
| 13,896,537 |
The financial statements were approved by the Trustees on .........................
..............................
CEW Phipps, The Marquis of Normanby Trustee
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NORMANBY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
Charity information
Normanby Charitable Trust is a Charity in the United Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011, "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 (FRS 102) (issued in October 2019)" and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust 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.
The financial statements 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.
The financial statements are prepared in sterling , which is the functional currency of the Trust .
The financial statements have been prepared under the historical cost convention, modified to include certain items at market value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
The charity maintains a general expendable endowment fund and a designated expendable endowment fund, which is to be used for a significant future project.
The endowment funds represent unexpended income and capital which are expendable at the discretion of the trustees in furtherance of the objects of the charity. The trustees consider that the capital of the fund needs to be retained in order to produce ongoing income for charitable purposes. Such funds may be held in order to finance both working capital and capital investment.
Designated funds are expendable endowment funds designated by the trustees for particular purposes.
1.4 Income
All income is recognised in the statement of financial activities when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made, such income is grossed up for the tax recoverable. The following accounting policies are applied to income:
Investment income
Investment income is accounted for when receivable. Tax recoverable relating to investment income is accounted for in the same period as the related income.
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NORMANBY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
(Continued)
1.5 Expenditure Raising funds
Costs of generating funds relates to expenditure incurred in the management of the charity’s assets.
Charitable activities
Charitable activities include all expenditure directly related to the objects of the charity. Grants payable
These are accounted for when the trustees have accepted a legal or moral obligation to make the grant.
1.6 Fixed asset investments
Investments are stated at market value on the last trading day in the accounting period. Realised and unrealised gains and losses are shown collectively in the appropriate section of the statement of financial activities.
1.7 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. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Trust 's balance sheet when the Trust becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs .
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price .
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
2 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Income from listed investments | 157,960 | 182,952 |
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NORMANBY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
| 3 | Raising funds | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Investment management | 68,091 | 61,091 | |
| 68,091 | 61,091 | ||
| 4 | Charitable activities | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Grants payable (see note 6) | 396,547 | 173,106 | |
| Bank fees | 378 | - | |
| 396,925 | 173,106 | ||
| Share of support costs (see note 6) | 3,140 | 2,650 | |
| Share of governance costs (see note 6) | 1,985 | 1,875 | |
| 402,050 | 177,631 | ||
| Analysis by fund | |||
| Unrestricted funds | 80,534 | 154,376 | |
| Endowment funds - Designated | 321,516 | 23,255 | |
| 402,050 | 177,631 |
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NORMANBY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
| 5 | Grants Payable | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| 44th Middlesborough Scout Group | 2,500 | - | |
| Bipolar UK | 2,500 | 1,500 | |
| Braille Chess Association | - | 1,000 | |
| Caedmon School Equestrian Team | 500 | - | |
| Captain Cook Memorial Museum | 27,500 | 3,500 | |
| Chester-Le-Street united | 500 | - | |
| Child Bereavement UK | 5,000 | - | |
| Cleveland Mountain Rescue | - | 3,000 | |
| Criminon | 1,700 | 1,600 | |
| Crisis UK | 1,000 | 1,000 | |
| Esk Moors Caring or Heather Hopper | - | 2,000 | |
| ESK Valley Lifeline | 5,000 | - | |
| Eskdale school | 250,000 | - | |
| Estbek House | - | 1,800 | |
| Family Help, Darlington | - | 2,000 | |
| Fight against blindness | 1,000 | - | |
| Garden Museum | - | 23,756 | |
| Georgian Theatre | - | 10,000 | |
| Great North Air Ambulance | - | 10,000 | |
| Happy Days | 4,000 | - | |
| In2out | 5,000 | - | |
| Italian Red cross | 1,797 | - | |
| Larpool Community Garden Project, Whitby | - | 1,000 | |
| Living Painting | 1,000 | - | |
| Lythe School Fund | 5,000 | - | |
| Martin House | - | 10,000 | |
| Musicport | - | 2,800 | |
| Passage 2000 | 1,000 | - | |
| Pioneers | - | 1,000 | |
| Project Wingman | 2,000 | - | |
| Restore | - | 1,000 | |
| Revival North Yorkshire | 3,000 | 7,000 | |
| Royal Academy of Arts | - | 10,000 | |
| Royal National Institute of Blind People | 4,500 | - | |
| Royal Trinity Hospice | - | 3,000 | |
| Saint Leonards PCC (Organ) | 5,000 | - | |
| Sash | 2,500 | - | |
| Sequal Trust | - | (3,250) | |
| SOAS | - | 6,000 | |
| Staithes Area and Whitby Sheds | - | 3,000 | |
| Swan UK | - | 1,000 | |
| The Cancer and Pisces Trust | 5,000 | - | |
| The Macular Disease Society | 2,000 | - | |
| The Message Trust | 5,000 | - | |
| The North York Moors Chamber Festival | 20,000 | 8,000 | |
| The Passage | - | 1,000 | |
| The Police Community Clubs of Great Britain | - | 2,400 | |
| The Refuge Council | 5,000 | - | |
| The Salvation Army | 1,000 | 1,000 | |
| The Silver Line | 1,000 | 1,000 | |
| The Smallpiece Trust | 1,250 | - | |
| The Whitby Literary and Philosophical Society | 10,000 | - |
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NORMANBY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| Grants Payable Together for short lives Trinity Centre, Whitby Turn 2 Us Twins Trust Wetwheels WHISH Whitby & District Community Transport Whitby DAG Whitby Interactive Whitby Underground Total |
2022 2021 £ £ (Continued) 1,800 - - 18,500 2,000 - 2,500 - - 3,000 1,000 5,000 - 4,000 5,000 21,500 2,000 - - 4,000 396,547 173,106 |
2022 2021 £ £ (Continued) 1,800 - - 18,500 2,000 - 2,500 - - 3,000 1,000 5,000 - 4,000 5,000 21,500 2,000 - - 4,000 396,547 173,106 |
|---|---|---|
| 173,106 |
5 Grants Payable
6 Support costs
| Support costs | ||
|---|---|---|
| 2022 Support costs Governance costs £ £ Accountancy fees 3,140 - Independent examiners fee - 1,985 3,140 1,985 Analysed between Charitable activities 3,140 1,985 |
2021 2022 Support costs Governance costs £ £ £ 3,140 2,650 - 1,985 - 1,875 5,125 2,650 1,875 5,125 2,650 1,875 |
2021 £ 2,650 1,875 |
| 4,525 | ||
| 4,525 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
8 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Gain/(loss) on sale of investments | 604,599 | 3,252,061 |
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NORMANBY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
9 Fixed asset investments
| Listed Investments £ Cost or valuation At 6 April 2021 12,959,885 Additions 7,434,871 Decrease in cash deposits - Total investment gains 604,599 Disposals (7,205,442) At 5 April 2022 13,793,913 Carrying amount At 05 April 2022 13,793,913 At 05 April 2021 12,959,885 Historical cost at 5 April 2022 was £12,346,451 (2021: £11,343,604). Investments at fair value comprise: Investments listed on a recognised stock exchange Cash deposits held as part of the investment portfolio 10 Debtors Amounts falling due within one year: Trade debtors 11 Creditors: amounts falling due within one year Trade creditors |
Cash in portfolio £ 753,348 - (440,911) - - 312,437 312,437 753,348 2022 £ 13,793,913 312,437 14,106,350 2022 £ 12,062 2022 £ 21,297 |
Total £ 13,713,233 7,434,871 (440,911) 604,599 (7,205,442) 14,106,350 14,106,350 13,713,233 2021 £ 12,959,885 753,348 13,713,233 2021 £ 16,677 2021 £ 20,742 |
|---|---|---|
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NORMANBY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
12 Endowment funds - Designated
The designated expendable endowment funds are to be used for significant future projects.
The designated sink fund is for future grants.
Transfers from the general expendable endowment fund to designated funds are to cover the costs of grants agreed and future pledges of support.
| Movement in funds | ||||||
|---|---|---|---|---|---|---|
| Balance at | Income |
Expenditure | Transfers | Investment | Balance at | |
| 6 April 2021 | gains | 5 April 2022 | ||||
| £ | £ |
£ | £ | £ | £ | |
| Project Funds | 30,000 | - |
- | - | - | 30,000 |
| Sink Fund | 141,238 | - |
(321,516) | 207,278 | - | 27,000 |
| - | - |
- | - | - | - | |
| - | - | |||||
| 171,238 | - |
(321,516) | 207,278 | - | 57,000 | |
| Movement in funds | ||||||
| Balance at | Income |
Expenditure | Transfers | Investment | Balance at | |
| 6 April 2020 | gains | 6 April 2021 | ||||
| £ | £ |
£ | £ | £ | £ | |
| Project Funds | 30,000 | - |
- | - | - | 30,000 |
| Sink Fund | 89,869 | - |
(23,255) | 74,624 | - | 141,238 |
| 119,869 | - |
(23,255) | 74,624 | - | 171,238 |
13 Financial commitments, guarantees and contingent liabilities
At the balance sheet date the charity was committted to making the following grants:-
| Payable in less than one year: Captain Cook Memorial Museum Staithes Museum and Heritage Trust Loftus Parish Organ Total Payable in 2-5 years: Captain Cook Memorial Museum Total |
2022 £ 27,500 5,000 - 32,500 2022 £ 82,500 82,500 |
2021 £ 3,000 - 5,000 |
|---|---|---|
| 8,000 | ||
| 2021 £ - |
||
| - |
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NORMANBY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| 13 Financial commitments, guarantees and contingent liabilities Movements on commitments Commitments brought forward Commitments made Commitments paid out Commitments as at 5th April 2022 |
(Continued) 2022 2021 £ £ 8,000 19,500 112,000 - (5,000) (11,500) 115,000 8,000 |
|---|---|
14 Related party transactions
£27,500 was paid to Captain Cook Memorial Museum in the year (2021: £3,500) of which The Marquis of Normanby and Lady Peronel Cruz were trustees during the year.
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