**Registered Charity No: 252102**
## **Normanby Charitable Trust**
**Annual Report and Audited Financial Statements For the year ended 5 April 2025**
**Normanby Charitable Trust**
## **Contents**
||**Page**|**Page**|
|---|---|---|
|Report of the trustees|2|5|
|Independent
report|6 -|9|
|Statement of financial activities|10||
|Balance sheet|11||
|Notes to the financial statements|12|- 21|
## **Normanby Charitable Trust**
## **Legal and administrative information**
|**Trustees**|Nicholas Adam Buchan|
|---|---|
||Lady Peronel Cruz|
||Lady Lepel Kornicki|
||Lady Henrietta Burridge|
||Lady Sibylla Phipps|
|**Charity number**|252102|
|**Registered office**|Ground Floor Front Flat|
||11 Upper Wimpole Street|
||London|
||W1G 6LN|
|**Bankers**|C Hoare & Co|
||37 Fleet Street|
||London|
||EC4P 4DQ|
|**Independent auditors**|Saffery LLP|
||10 Wellington Place|
||Leeds|
||LS1 4AP|
|**Investment advisors**|Cazenove Capital Management Limited|
||1 London Wall Place|
||London|
||EC2Y 5AU|
Page 1
**Report of the trustees For the year ended 5 April 2025**
## **Normanby Charitable Trust**
The trustees present their annual report on the affairs of the charity, together with the financial statements for the year ended 5 April 2025. The trustees have adopted the provisions of the Statement report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in 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 (effective from 1 January 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:
Trust fund 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
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 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.
Page 2
**Report of the trustees (continued) For the year ended 5 April 2025**
## **Normanby Charitable Trust**
## **Investment policy**
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, f 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.
## **Achievements and performance**
During the year, the investment portfolio provided income of £208,272 (2024: £202,037). Grants of £102,727 (2024: £192,914) have been made to a total of 43 (2024: 32) charitable organisations, assisting a wide variety of causes in the year.
## **Financial Review**
The statement of financial activities is set out on page 10.
The charity had net income before investment gains/losses of £60,183 (2024: £131,205 net expenditure). There were net realised gains on disposals of investments of £2,156,475 (2024: £238,600) and net unrealised losses of £3,380,248 (2024: £1,437,033 unrealised gains) giving a total investment loss of £1,223,773 (2024: £1,675,633 gain). There was a net decrease in funds in the year of £1,163,590 (2024: increase of £1,544,428) leaving total funds carried forward of £13,844,902 (2024: £15,008,492).
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 a designated sink fund. The trustees consider that the designated sink fund needs to be retained in order to maintain an ongoing reserve of funds for charitable purposes. The income goes into the sink fund (for potential distribution on a bigger project, should the need arise). The trustees usually spend most or all of the spendable part of the income at each meeting. The trustees are given discretion to apply the whole of any part of the capital of the Trust fund in accordance with the objects of the Trust Deed.
The trustees have allocated money to the designated fund, so the balance is now at £309,981 (2024: £174,399), which is to be used to fund grants for significant future projects. £nil was utilised during the year (2024: £116,601).
At 5 April 2025, the charity had general non-designated funds of £13,534,921 (2024: £14,834,093) and
Page 3
**Normanby Charitable Trust**
**Report of the trustees (continued) For the year ended 5 April 2025**
## **Investment powers**
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
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial 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 these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities Statement of Recommended Practice (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it 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 enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
NOrnnbY Charitable Trust
Report of the trustees (continued)
For the year ended 5 April 2025
The trustees are responsible for the rnainrenance and integrity ofthe charity and financial information
included on the charity's website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ frotn legislation in other jurisdictions.
Approved by the Trustees on14.. 12: 2ofand signed on their behalfby:
Nlcholas Adam Buchan
Trustee
## **Normanby Charitable Trust**
## **Independent auditors report to the trustees For the year ended 5 April 2025**
## **Opinion**
We have audited the financial statements of Normanby Charitable Trust for the year ended 5 April 2025 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- at 5 April 2025 and of its incoming
- resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report..
## **Other information**
The other information comprises the information included in the annual report, other than the information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we
Page 6
## **Normanby Charitable Trust**
## **Independent auditors report to the trustees For the year ended 5 April 2025**
identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.
We have nothing to report in this regard.
## **Other matter**
The comparatives for the year ended 5 April 2024 were unaudited.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- with the financial statements; or
- the charity has not kept sufficient accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
page 4-5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
Page 7
**Normanby Charitable Trust**
**Independent auditors report to the trustees For the year ended 5 April 2025**
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement potential material misstatements arising.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Page 8
**Normanby Charitable Trust**
**Independent auditors report to the trustees For the year ended 5 April 2025**
at: www.frc.org.uk/auditorsresponsibilities
## **Use of our report**
Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Saffery LLP Chartered Accountants Statutory Auditors
10 Wellington Place, Leeds, LS1 4AP
Date: 15 December 2025
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 9
## **Normanby Charitable Trust**
## **Statement of financial activities (including income and expenditure account) For the year ended 5 April 2025**
|**Notes**
**Income from**
Donations and legacies
**2**
Investments
**3**
Total income
**Expenditure on**
Raising funds
**4**
Charitable activities
**5**
**Total expenditure**
**Net income/(expenditure)**
Net gain/(losses) on
investments
**10**
**Net income/(expenditure)**
**before transfers**
Gross transfers between
funds
**Net movement in funds**
Total funds brought forward
**Total funds carried**
**forward**|**Unrestricted Funds**
**General**
**Designated**
**Funds**
**Funds**
**2025**
**2025**
**£**
**£**
103,161
-
208,272
-
311,433
-
73,740
-
200,010
-
273,750
-
37,683
-
(1,223,773)
-
(1,186,090)
-
(135,582)
135,582
(1,321,672)
135,582
14,834,093
174,399
13,512,421
309,981|**Total**
**Funds**
**2025**
**£**
103,161
208,272
311,433
73,740
200,010
273,750
37,683
(1,223,773)
(1,186,090)
-
(1,186,090)
15,008,492
13,822,402|**Total**
**Funds**
**2024**
**(restated)**
**£**
-
202,037|
|---|---|---|---|
||||202,037|
||||65,696
267,546|
||||333,242|
||||(131,205)
1,675,633|
||||1,544,428
-|
||||1,544,428
13,464,064|
||||15,008,492|
The notes on pages 12 to 21 form an integral part of these financial statements.
There are no recognised gains or losses other than those disclosed above.
All the above results derive from continuing activities.
Page 10
Nornianby Charftable Trust
Balance sheet
For the year ended 5 Aprll 2OZ5
2025
2024
(rostated)
Notes
Flxed Assets
Investments
li
13.548.997
14.811,394
Current assets
Debturs
Cash at bankand in hand
Iz
17,777
359.857
377,634
18.513
268,993
287,506
Current Ilabllltles
Amounts falling due
within one year
(90.408)
13
(104,229)
Net current assets
273.405
197,098
Net assets
13.822,402
15,008,492
Funds
General funds
15
13,512.421
14.834.093
Designated funds
15
309,981
174,399
Total funds
13,822,402
15.008,492
The financial statements were approved by the trustees
. and signed on their behalf by
Nicho12s Adam Buchan
Trustee
**Normanby Charitable Trust**
## **Notes to the financial statements (continued) For the year ended 5 April 2025**
## **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 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) 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 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 fund and a designated sink fund, which is to be used for a significant future project.
Designated funds are 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:
## _**Legacies**_
Income from legacies is recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. Legacies that do not meet the conditions are treated as a contingent asset.
## _**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.
Page 12
## **Normanby Charitable Trust**
## **Notes to the financial statements (continued) For the year ended 5 April 2025**
## **1. Accounting policies (continued)**
## **1.5 Expenditure** _**Raising funds**_
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 shortterm 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**
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.
Page 13
**Normanby Charitable Trust**
## **Notes to the financial statements (continued) For the year ended 5 April 2025**
## **2. Donations and legacies**
|Legacies
**3.**
**Investments**
Income from listed investments
Bank interest
**4.**
**Raising funds**
Investment management
**5.**
**Charitable activities**
Grants payable (see note 6)
Bank fees
Share of support costs (see note 7)
Share of governance costs (see note 7)
Loss on foreign exchange
**Charitable activities - Analysis by Fund**
Unrestricted general funds
Unrestricted designated funds|**2025**
**Total**
**£**
103,161
103,161
**2025**
**Total**
**£**
204,999
3,273
208,272
**2025**
**Total**
**£**
73,740
73,740
**2025**
**Total**
**£**
174,960
360
175,320
3,960
9,000
11,730
200,010
200,010
-
200,010|**2024**
**Total**
**£**
-
-
**2024**
**Total**
**£**
199,123
2,914
202,037
**2024**
**Total**
**£**
65,696
65,696
**2024**
**Total**
**(restated)**
**£**
261,248
360|
|---|---|---|
|||261,608
3,850
2,088
-
267,546
150,945
116,601
267,546|
Page 14
## **Normanby Charitable Trust**
## **Notes to the financial statements (continued) For the year ended 5 April 2025**
## **6. Grants payable**
|**rants payable**|||
|---|---|---|
||**2025**|**2024**|
|||**(restated**|
||**£**|**note 17)**|
|||**£**|
|700 Club|3,000|-|
|Bethlehem Care and Hospice Trust|5,000|5,000|
|Blesma|1,000|-|
|Blind Veterans|5,000|-|
|Braille Chess Association|1,000|1,000|
|British Wireless for the Blind Fund|2,500|2,500|
|Camphill School Aberdeen|5,000|-|
|Candlelighters|3,000|-|
|Carers Trust|2,500|-|
|Captain Cook Memorial Museum|27,500|116,601|
|Coatham House|-|3,500|
|Crisis at Christmas|1,500|-|
|Dentaid|5,000|-|
|East Cleveland Youth Housing Trust|-|2,500|
|EVA Woman's Aid|-|2,000|
|Family Holiday Charity|4,000|-|
|FareShare North East|2,000|-|
|GFS (For Girls, For Friendship, For Society)|-|2,500|
|Historic Town Trusts|2,500|-|
|Hinderwell Village Hall (Equipment for Hinderwell Play Area)|-|5,000|
|If U Care Share|1,500|-|
|Interactive Whitby and District|5,000|-|
|King Edward VII Hospital|-|10,000|
Page 15
## **Normanby Charitable Trust**
## **Notes to the financial statements (continued) For the year ended 5 April 2025**
|Lejeune Clinic for Children with Down Syndrome|Lejeune Clinic for Children with Down Syndrome|Lejeune Clinic for Children with Down Syndrome|5,000|-|
|---|---|---|---|---|
|Musicport|||5,400|3,747|
|North|York Moors Chamber Music Festival||10,000|20,000|
|North|East Young Dads and Lads||-|2,500|
|Rainbows BG Charity|||-|10,000|
|Restoration of VC Graves|||-|4,000|
|Revival North Yorkshire|||-|5,200|
|Royal|Agricultural Benevolent Institution||5,000|-|
|Silverline (Age UK)|||-|1,500|
|Society of Mucopolysaccharide Diseases|||2,000|-|
|Spare|10 for Ben||2,000|-|
|Sport|Mulgrave||-|15,000|
||||2,500||
|St George's Crypt, Leeds|||1,500|1,500|
|St Mark Worsley|||10,000
-|-
5,000|
|Staithes and Sandsend Surgery|||-|4,000|
|Survive|||2,000|-|
|Teeside Age UK|||5,000|-|
|Teesside Hospice|||3,000|-|
|Tees Valley Womens Centre|||3,000|-|
|The Cleveland and Danby Methodist Circuit (Glaisdale Head
Chapel)|||-|5,000|
||||4,000|-|
|The Mission to Seafares|||4,000|-|
|The Passage|||1,500|1,500|
Page 16
## **Normanby Charitable Trust**
## **Notes to the financial statements (continued) For the year ended 5 April 2025**
|The Porthole Foundation
The Rosemary Foundation
The Royal Countryside Fund
The Salvation Army
The Silverline Helpline
Together for Short Lives
Together Westwood
WHISH
Volunteering Matters
Wellspring Therapy and Training
Whitby Active Travel
Whitby DAG
Whitby Area Development Trust (The Coliseum Centre)
Yorkshire Air Ambulance
Yorkshire Dales Millennium Trust
Yorkshire Fossil Festival, Whitby
Yorkshire Foundation for Conservation and Craft
Total|-
-
-
1,500
1,500
1,800
1,260
2,500
2,500
3,000
3,000
10,000
-
-
-
-
5,000
-
174,960|1,200
5,000
7,000
1,500
-
-
-
-
-
-
-
1,000
2,500
2,500
6,000
-
5,000|
|---|---|---|
|||261,248|
Page 17
## **Normanby Charitable Trust**
## **Notes to the financial statements (continued) For the year ended 5 April 2025**
## **7. Support costs**
|Accountancy
fees
Independent
examiners fee
Audit fees
Analysed
between
Charitable
activities|**2025**
**2024**
**Support**
**costs**
**Governance**
**costs**
**2025**
**Support**
**costs**
**Governance**
**costs**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
3,960
-
3,960
3,850
-
3,850
-
-
-
-
2,088
2,088
-
9,000
9,000
-
-
-|
|---|---|
||3,960
9,000
12,960
3,850
2,088
5,938|
||3,960
9,000
12,960
3,850
2,088
5,938|
## **8. Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
## **9. Staff numbers**
The average monthly number of full-time equivalent employees during the year was nil (2024: nil).
## **10. Net gains/(losses) on investments**
|**et gains/(losses) on investments**|||
|---|---|---|
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|(Loss)/gain on investments|(1,223,773)|1,675,633|
Page 18
## **Normanby Charitable Trust**
## **Notes to the financial statements (continued) For the year ended 5 April 2025**
|**11.**
**Fixed asset investments**
**Listed**
**Investments**
**Cash in**
**portfolio**
**£**
**£**
**Cost or valuation**
At 6 April 2024
14,678,001
133,393
Additions
25,665,284
-
Increase in cash deposits
-
28,787
Total investment losses
(1,223,773)
-
Disposals
(25,732,695)
-
At 5 April 2025
13,386,817
162,180
**Carrying amount**
At 5 April 2024
14,678,001
133,393
At 5 April 2025
13,386,817
162,180
Historical cost at 5 April 2025 was £12,596,508 (2024: £12,596,508)
**2025**
Investments at fair value comprise:
**£**
Investments listed on a recognised stock exchange
13,386,817
Cash deposits held as part of the investment portfolio
162,180
13,548,997
**12.**
**Debtors**
**2025**
**£**
**Amounts falling due within one year:**
Accrued income
17,777
17,777
**13.**
**Creditors**
**2025**
**£**
**Amounts falling due within one year:**
Accruals
31,996
Grant creditors
72,233
104,229|**Total**
**£**
14,811,394
25,665,284
28,787
(1,223,773)
(25,732,695)
13,548,997
14,811,394
13,548,997
**2024**
**£**
14,678,001
133,393
14,811,394
**2024**
**£**
18,513
18,513
**2024**
**(restated**
**note 17)**
**£**
22,074
68,334
90,408|**Total**
**£**
14,811,394
25,665,284
28,787
(1,223,773)
(25,732,695)|
|---|---|---|
|||13,548,997|
|||14,811,394
13,548,997|
Page 19
## **Normanby Charitable Trust**
## **Notes to the financial statements (continued) For the year ended 5 April 2025**
## **14. Designated funds**
The designated sink fund has been established by the Trustees to support future donations
.
Transfers from the general fund to designated funds are to cover the costs of grants agreed and future pledges of support.
|**2025 Funds**
Project funds
Sink fund
Total funds
2024 Funds
Project funds
Sink fund
Total funds|**Funds b/fwd**
**Income**
**Expenditure**
**Transfers**
**Investment**
**gains**
**Funds**
**c/fwd**
**£**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
-
-
174,399
-
-
135,582
-
309,981|
|---|---|
||174,399
-
-
135,582
-
309,981|
||Funds b/fwd
Income
Expenditure
Transfers
Investment
gains
Funds
c/fwd
£
£
£
£
£
£
-
-
-
-
-
-
159,000
-
(116,601)
132,000
-
174,399|
||159,000
-
(116,601)
132,000
-
174,399|
Page 20
## **Normanby Charitable Trust**
## **Notes to the financial statements (continued) For the year ended 5 April 2025**
## **15. Analysis of net assets by Fund**
|**Current year**
Fixed assets
Current assets
Current liabilities
**Net assets**
**Prior year**
Fixed assets
Current assets
Current liabilities
**Net assets**|**Unrestricted**
**general**
**funds**
**Unrestricted**
**designated**
**funds**
**£**
**£**
13,548,997
-
67,653
309,981
(104,229)
-
13,512,421
309,981
**Unrestricted**
**general**
**funds**
**Unrestricted**
**designated**
**funds**
**£**
**£**
14,811,394
-
113,107
174,399
(90,408)
-
14,834,093
174,399|**Year Ended**
**5 April 2025**
**£**
13,548,997
377,634
(104,229)|
|---|---|---|
|||13,822,402|
|||**Year Ended**
**5 April 2024**
**£**
14,811,394
287,506
(90,408)|
|||15,008,492|
## **16. Related party transactions**
During the year, £27,501 (2024: £70,767) was paid to the Captain Cook Memorial Museum, of which Lady Peronel Cruz was a Trustee during the year. In addition, Richard Kornicki, the husband of Trustee Lepel Kornicka, also served as a Trustee of the Captain Cook Memorial Museum. At the year end, the Trust have committed to pay a total of £18,334 to the Captain Cook Memorial Museum over the next financial year (2024: £27,500) .
## **17. Prior year adjustment**
grants totalling £68,334 should have been recognised as grant financial statements. These commitments were previously not recognised as liabilities as per the Charities SORP (FRS 102), which requires liabilities to be recognised when the charity has a legal or constructive obligation.
To correct this, a prior year adjustment has been made as follows:
- Increase in creditors grants payable at 5 April 2024: £68,334
- Increase in grants payable (note 6) at 5 April 2024: £68,334
- Decrease in unrestricted funds brought forward at 5 April 2024: £68,334
This adjustment ensures compliance with the accruals basis of accounting and more been restated accordingly in the Statement of Financial Activities and Balance Sheet.
Page 21