THE EVELYN NORRIS TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE EVELYN NORRIS TRUST
CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes forming part of the Financial Statements | 7 |
THE EVELYN NORRIS TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| REGISTERED CHARITY NUMBER | : | 260078 | |
|---|---|---|---|
| HON LIFE PRESIDENT | : | Dame Judi Dench | |
| CURRENT TRUSTEES | : | Nigel Jones | (Honorary Chairman) |
| Bryn Evans | (Resigned 20 November 2022) | ||
| Lord Cashman of Limehouse | |||
| Nigel Gooch | |||
| Caryl Griffith | |||
| Dawn Hope | |||
| Adam Knight | |||
| Linden Walcott-Burton | |||
| Barbara Whatley | |||
| ADMINISTRATOR | : | Kaethe Cherney | |
| REGISTERED ADDRESS | : | Plouviez House | |
| 19-20 Hatton Place | |||
| London | |||
| EC1N 8RU | |||
| INDEPENDENT EXAMINER | : | Mrs Jacqui Lee Foster | |
| 31 Gellatly Road | |||
| London | |||
| SE14 5TU | |||
| INVESTMENT ADVISERS | : | Charles Stanley and Co | Ltd |
| 55 Bishopsgate | |||
| London | |||
| EC2N 3AS | |||
| BANKERS | : | HSBC Bank plc | |
| PO Box 1EZ | |||
| 196 Oxford Street | |||
| London | |||
| W1D 1NT |
1
THE EVELYN NORRIS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report together with the financial statements of the trust for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust deed, applicable law and the requirements of the Charities SORP (FRSSE) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
The income of the trust is applied for the purpose of distributing monies for the rest, recovery, recreation and holiday of members of the concert and theatrical professions as the trustees shall think fit.
The trustees have had regard to the Charity Commissioners’ guidance on public benefit. They consider that the welfare payments made to beneficiaries of the fund fulfil the public benefit requirement.
The trustees receive monthly briefings and consider what grants to make. The trustees have many contacts in the United Kingdom and use knowledge gained to support the work of the charity and ensure informed grant making.
The trustees decide to make grants after receipt and assessment of a formal application, indicating a need for funds.
The trustees appreciate feedback on the effect of the grants given and the achievements made. These comments are used to monitor the quality of the grants made.
The trustees intend to continue providing grants in a similar way and to rely on both their own endeavours and those with whom they have a working relationship to carry out the objects of the trust.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The trust was established by deed on 11 September 1968 and is subject to a variation approved by the Charity Commissioners on 13 November 1986.
The trust is based in the United Kingdom at the registered office shown on page 1.
The power to appoint any new trustee is vested in the existing trustees whose names are set out on page 1.
The trustees conduct a risk assessment annually to review the major risks faced by the trust. The trustees are aware of the risks associated with making repeated grants to beneficiaries. Procedures have been instituted to reduce risk in this area.
ACHIEVEMENTS AND PERFORMANCE
68 (2021: 28) individual grants and two (2021: two) institutional donations were made by the trust during 2022.
FINANCIAL REVIEW
The funds of the charity have decreased by £191,085 (2021: increased by £223,457) arising from losses on investments during the year. An analysis of the assets held by the fund, the majority of which consists of an investment portfolio, is set out in note 8 to the accounts. Regular investment review meetings are held with the investment advisers.
2
THE EVELYN NORRIS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity’s trustees are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity at the end of the financial year and of the incoming resources and resources expended during the financial year.
In doing so the trustees are required to:
-
a Select suitable accounting policies and apply them consistently;
-
b Observe the methods and principles in the Charities SORP (FRSSE);
-
c Make judgements and estimates that are reasonable and prudent;
-
d State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
e Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The trustees are also responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with relevant legislation. The trustees 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.
The trustees confirm that so far as they are aware, there is no relevant information of which the charity’s independent examiner is unaware. They have taken all the steps that they should have taken as trustees in order to make themselves aware of any relevant information and to establish that the charity’s independent examiner is aware of that information.
Approved by the trustees and signed on their behalf by:
.………………………………………………………………
25 April 2023
3
THE EVELYN NORRIS TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE EVELYN NORRIS TRUST
I report on the financial statements of the trust for the year ended 31 December 2022 which are set out on pages 5 to 12.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
As described on page 3 the trustees are responsible for the preparation of the financial statements. You consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
a examine the accounts under section 145 of the 2011 Act,
-
b to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act), and
-
c to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a “true and fair” view. The report is made solely to the trustees and is limited to those matters set out in the statement below. To the fullest extent permitted by law I do not accept or assume responsibility to any one other than the trustees for my work, for this report or for the opinions I have formed.
INDEPENDENT EXAMINER’S STATEMENT
In connection with my examination no matter has come to my attention:
-
a which gives me reasonable cause to believe that in any material respect the requirements
-
i to keep accounting records in accordance with section 130 of the Charities Act 2011; and
-
ii to prepare financial statements which accord with the accounting records and to comply with the accounting requirements of the Charities Act 2011 have not been met; or
b to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Mrs Jacqui Lee Foster 31 Gellatly Road London SE14 5TU
29 June 2023
4
THE EVELYN NORRIS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| INCOME AND ENDOWMENTS FROM: Donations and legacies Investments TOTAL EXPENDITURE ON: RAISING FUNDS Investment manager’s fees CHARITABLE ACTIVITIES Grants and donations OTHER TOTAL NET (EXPENDITURE)/INCOME TRANSFER BETWEEN FUNDS OTHER RECOGNISED (LOSSES)GAINS (Losses)Gains on investment assets NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Notes 1 2 3 1 4 5 |
Endowment Fund £ - 24,507 |
Unrestricted Fund £ 48,905 9,564 |
Total Funds 2022 £ 48,905 34,071 82,976 8,296 65,770 2,752 76,818 6,158 - 6,158 (197,243) (191,085) 1,258,270 1,067,185 |
Total Funds 2021 £ 25 30,124 |
|
|---|---|---|---|---|---|---|
| 24,507 | 58,469 | 30,149 | ||||
| 5,967 - - |
2,329 65,770 2,752 |
8,066 26,050 2,507 |
||||
| 5,967 | 70,851 | 36,623 | ||||
| 18,540 (24,507) |
(12,382) 24,507 |
(6,474) - |
||||
| (5,967) (141,877) |
12,125 (55,366) |
(6,474) 229,931 |
||||
| (147,844) 905,083 |
(43,241) 353,187 |
223,457 1,034,813 |
||||
| 757,239 | 309,946 | 1,258,270 |
The notes on pages 7 to 12 form part of the accounts.
5
THE EVELYN NORRIS TRUST
BALANCE SHEET AS AT 31 DECEMBER 2022
| FIXED ASSETS INVESTMENTS CURRENT ASSETS Debtors Cash at bank and in hand TOTAL CURRENT ASSETS LIABILITIES CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants committed Accrued expenses NET CURRENT ASSETS TOTAL NET ASSETS THE FUNDS OF THE CHARITY Endowment fund Unrestricted fund TOTAL CHARITY FUNDS |
Notes 6 7 8 |
2022 £ 977,809 17,265 75,883 93,148 2,650 1,122 3,772 89,376 1,067,185 757,239 309,946 1,067,185 |
2021 £ 1,187,173 |
|---|---|---|---|
| 5,938 66,181 |
|||
| 72,119 | |||
| - 1,022 |
|||
| 1,022 | |||
| 71,097 | |||
| 1,258,270 | |||
| 905,083 353,187 |
|||
| 1,258,270 |
Approved by the Board of Trustees and signed on their behalf by:
…………………..……………………………..…..……… Trustee
Date 25 April 2023
The notes on pages 7 to 12 form part of the accounts
6
THE EVELYN NORRIS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 PRINCIPAL ACCOUNTING POLICIES
Accounting Convention
The financial statements have been prepared under the historical cost convention as modified by the valuation of investments at market value and in accordance with the requirements of the Charities SORP (FRSSE) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE) (effective 1 January 2015).
The principal accounting policies adopted in the preparation of the financial statements are as follows: -
Income and Endowments
Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. In the case of fixed interest investments, interest is accrued based on the number of days outstanding.
Expenditure
All expenditure is accounted for on an accruals basis. Governance costs represent costs incurred attributable to the management of the charity’s assets, organisation, administration and compliance with the constitutional and statutory requirements.
Fund Accounting
Funds held by the charity comprise an endowment fund the income from which, subject to the value of the endowment fund not falling below its established value of £333,616, is transferred to an unrestricted fund and can be used in accordance with the charitable objects at the discretion of the trustees.
2 DONATIONS AND RELATED PARTIES
The charity is a member of the Combined Theatrical Charities’ Appeals Council, a registered charitable organisation. One trustee represents the charity at meetings of the Council. During the year the charity received £15,000 (2021: £NIL) from the Council as a share of donations collected in an appeal known as ‘Acting for Others’.
| 3 | INVESTMENTS Investment income from quoted investments |
2022 £ 34,071 34,071 |
2021 £ 30,124 |
|---|---|---|---|
| 30,124 |
7
THE EVELYN NORRIS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 4 5 |
GRANTS AND DONATIONS Grants to individuals Grants to residential homes Brinsworth House Denville Hall OTHER Trustees’ expenses Secretaries’ honoraria Information Commissioner’s Office Accountancy Independent examination Bank charges Advertising and Postage |
2022 £ 61,270 2,250 2,250 65,770 - 1,000 35 1,120 395 60 142 2,752 |
2021 £ 22,050 2,000 2,000 |
|---|---|---|---|
| 26,050 | |||
| 11 925 35 1,025 395 71 45 |
|||
| 2,507 |
No trustee (2021: 1) received reimbursement of expenses. One trustee provides accountancy services to the trust in the normal course of his business.
8
THE EVELYN NORRIS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 6 | INVESTMENTS–ENDOWMENT FUND Equities 277 AstraZeneca 2,023 Aviva 7,409 Bloomsbury Publishing 2,877 BP 2,356 Britvic 10,765 CT Automotive 820 Diploma 2,158 Discoverie 11,868 DWF Group 7,732 Ecora Resources 4,100 Genuit 791 Goodwin 1,324 GSK 709 Halma 3,057 Hedlam 1,277 Hill and Smith 2,877 HSBC Holdings 396 Intel Corp 7,553 ITV 8,056 James Halstead 7,481 Kin and Carta 13,487 Kitwave 1,187 Liontrust 16,998 Lords 6,114 M and G 5,754 Marks and Spencer Group 7,347 NatWest 378 Novo-Nordisk 6,625 Peel Hunt 5,035 Pets at Home 270 Pierer Mobility 1,349 Portmeirion 1,079 Prudential 234 Renishaw Carried forward |
Market Value £ 31,066 8,957 33,303 13,664 18,304 10,223 22,763 15,774 9,542 11,645 11,521 26,388 19,027 13,986 9,232 14,964 14,838 8,691 5,677 15,146 16,009 25,895 13,293 13,853 11,485 7,095 19,484 42,316 5,631 14,280 16,276 4,080 12,165 8,575 525,148 |
Cost £ 7,935 7,736 8,582 15,674 17,983 15,976 1,193 6,563 14,683 15,850 15,486 12,232 17,411 870 17,688 3,066 16,870 15,007 15,942 1,789 10,833 20,904 14,087 16,301 14,300 20,934 15,796 11,110 15,253 18,571 18,276 13,502 11,230 1,491 |
|---|---|---|---|
| 277 2,023 7,409 2,877 2,356 10,765 820 2,158 11,868 7,732 4,100 791 1,324 709 3,057 1,277 2,877 396 7,553 8,056 7,481 13,487 1,187 16,998 6,114 5,754 7,347 378 6,625 5,035 270 1,349 1,079 234 |
|||
| 431,124 |
9
THE EVELYN NORRIS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Brought forward 2,266 RS Group 4,136 Schroders Non-Voting 162 Siemens 5,629 Smith (DS) 25,175 Speedy Hire 7,353 Stelrad 1,295 Superdry 4,675 Synthomer 3,686 Thorpe (F.W.) 6,833 TT Electronics 4,316 Unicorn Investments 11,868 Urban Logistics 5,395 Vodafone Group 3,597 Volution INVESTMENTS–UNRESTRICTED FUND Equities 108 AstraZeneca 789 Aviva 2,891 Bloomsbury Publishing 1,123 BP 919 Britvic 4,201 CT Automotive 320 Diploma 842 Discoverie 4,632 DWF Group 3,018 Ecora Resources 1,600 Genuit 309 Goodwin 516 GSK 276 Halma 1.193 Hedlam 498 Hill and Smith 1,123 HSBC Holdings 154 Intel Corp Carried forward |
Market Value 525,148 20,290 18,033 18,578 18,095 10,007 9,192 1,657 6,742 14,930 11,890 15,141 15,963 4,545 13,127 703,338 12,123 3,495 12,996 5,332 7,143 3,995 8,883 6,156 3,724 4,544 4,496 10,297 7,425 5,458 3,603 5,839 5,790 3,391 114,690 |
Cost 431,124 13,266 8,809 9,877 20,229 18,985 15,961 15,515 14,552 914 16,531 17,148 11,984 8,806 6,950 |
|---|---|---|
| 610,651 | ||
| 3,097 3,019 3,349 6,117 7,018 6,234 465 2,561 5,730 6,185 6,043 4,774 6,795 340 6,902 1,197 6,584 5,856 |
||
| 108 789 2,891 1,123 919 4,201 320 842 4,632 3,018 1,600 309 516 276 1.193 498 1,123 154 |
||
| 82,266 |
10
THE EVELYN NORRIS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Brought forward 2,947 ITV 3,144 James Halstead 2,919 Kin and Carta 5,263 Kitwave 463 Liontrust 6,633 Lords 2,386 M and G 2,246 Marks and Spencer Group 2,867 NatWest 147 Novo-Nordisk 2,586 Peel Hunt 1,965 Pets at Home 105 Pierer Mobility 526 Portmeirion 421 Prudential 91 Renishaw 884 RS Group 1,614 Schroders Non-Voting 63 Siemens 2,196 Smith (DS) 9,925 Speedy Hire 2,870 Stelrad 505 Superdry 1,825 Synthomer 1,439 Thorpe (F.W.) 2,667 TT Electronics 1,684 Unicorn Investments 4,632 Urban Logistics 2,105 Vodafone Group 1,403 Volution TOTAL INVESTMENTS |
Market Value £ 114,690 2,215 5,910 6,247 10,105 5,187 5,406 4,482 2,769 7,604 16,513 2,198 5,572 6,351 1,592 4,747 3,346 7,918 7,037 7,250 7,062 3,905 3,587 647 2,631 5,826 4,640 5,908 6,230 1,773 5,123 274,471 977,809 |
Cost £ 82,266 6,221 698 4,227 8,157 5,497 6,361 5,580 8,169 6,164 4,336 5,953 7,247 7,132 5,269 4,382 582 5,177 3,438 3,854 7,894 7,409 6,228 6,055 5,679 357 6,451 6,692 4,678 3,436 2,712 |
|---|---|---|
| 238,301 | ||
| 848,952 |
11
THE EVELYN NORRIS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 7 8 |
DEBTORS Other Due from stockbroker on capital account Due from stockbroker on income account Endowment Fund £ ANALYSIS OF ASSETS BY FUND Investments 703,338 Debtors 11,268 Cash at bank and in hand - Grants committed - Accrued expenses - Interfund Loan 42,633 757,239 |
DEBTORS Other Due from stockbroker on capital account Due from stockbroker on income account Endowment Fund £ ANALYSIS OF ASSETS BY FUND Investments 703,338 Debtors 11,268 Cash at bank and in hand - Grants committed - Accrued expenses - Interfund Loan 42,633 757,239 |
DEBTORS Other Due from stockbroker on capital account Due from stockbroker on income account Endowment Fund £ ANALYSIS OF ASSETS BY FUND Investments 703,338 Debtors 11,268 Cash at bank and in hand - Grants committed - Accrued expenses - Interfund Loan 42,633 757,239 |
Unrestricted Fund £ 274,471 5,997 75,883 (2,650) (1,122) (42,633) |
2022 £ - 15,665 1,600 17,265 2022 £ 977,809 17,265 75,883 (2,650) (1,122) - 1,067,185 |
2021 £ - 3,840 2,098 |
||
|---|---|---|---|---|---|---|---|---|
| 5,938 | ||||||||
| 2021 £ 1,187,173 5,938 66,181 - (1,022) - |
||||||||
| 757,239 | 309,946 | 1,258,270 |
12