# **The Norman Family Charitable Trust (Charity Commission No 277616)**
**Trustees’ Annual Report and Financial Statements for the year ended 31 March 2021**
## **The Norman Family Charitable Trust**
## **Trustees’ Annual Report for the year ended 31 March 2021**
|**Contents**|**Page**|
|---|---|
|Trustees Report|1|
|Independent Auditor’s Report to the Members|8|
|Statement of Financial Activities (SOFA)|12|
|Balance Sheet|13|
|Notes and Accounting Policies|14|
## **The Norman Family Charitable Trust**
## **Trustees’ Annual Report for the year ended 31 March 2021**
The Trustees present their report and the financial statements of the Trust for the year ended 31 March 2021.
## **Objectives and activities**
- The Trust’s primary objective is to help registered charities and other non-profit/voluntary organisations working in Devon, Cornwall and Somerset (TA postcode area only). Applications from Exeter and East Devon are prioritised.
- Applications from national charities will only be considered if the appeal relates to a project which will be of benefit in the South Western Counties.
- Grants are not given to any organisation which uses live animals for experimental or research purposes, regardless of the project.
- Financial assistance is not available for the maintenance or repair of religious buildings, nor for any project which is of a religious nature.
- It is not the Trust’s policy to fund projects outside of the United Kingdom.
- The Trust does not help individuals directly.
Details of the funding application process can be found on the website https://nfct.org/
## **Public Benefit**
The good causes supported in the year have aims that are for the public benefit as required by the Charities Act 2011. The Trustees continue to keep their policies under review and flexible. New grant applicants are welcome and all applications are considered.
The way in which the Trust achieves its objectives is constantly under review both in terms of internal organisation and the use of its resources to the best advantage of the community generally.
Therefore the Trustees consider they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.
## **Achievements and performance**
In a challenging year, the Trust has managed to continue to receive and consider applications, to award grants, and to conduct all the other business required for the successful operation of the Trust despite the restrictions imposed by Covid-19. The bulk of the grants supported organisations involved in community projects, children and health related matters.
During 2020/21, the Trust processed 328 applications (443 – 2020), awarded 241 grants/pledges (277 – 2020) totalling £374,656 (£396,194 – 2020). A further 5 pledges totalling £9,524 which have not been paid, were agreed during the year. The reduced amount of grants awarded was due to lower demand during lockdown 3.0. The number of rejections decreased quite significantly from 161 to 87. The average grant paid for 2021 was £1,555 (£1,430 – 2020) and the success rate for grant applications has risen to 73% in this financial year (64% - 2020).
Many of the grant applications normally received are for charity fundraising activities which rely on audiences, crowd participation, group trips, one to one support or close contact and these have not been possible because of the restrictions. However, the Trust has considered any application which was feasible and been able to respond to requests from organisations that have experienced needs arising from the current situation. The Trust is particularly proud of its ability to act quickly when an urgent request is received from the local community.
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## **The Norman Family Charitable Trust**
## **Trustees’ Annual Report for the year ended 31 March 2021**
## **Achievements and performance (continued)**
The benefits of the Trust’s grants are mainly aimed at smaller local charities who are less able to attract funding and the majority of the awards are under £1,500. However, each year some larger projects are also funded.
Some of last year’s recipients told us about the difference the Trust’s funding has made to their work.
- **TRIP Honiton** received an urgent grant of £500 for three Christmas projects. “What can I say…you made Christmas! This donation made the most amazing difference! On Christmas day we were able to deliver over 90 three-course meals across East Devon. We asked for community donations towards Christmas gifts, which were collected, washed and sorted. They were wrapped and added to a Christmas stocking. Along with the stocking gifts, Porkies the Butchers provided, at cost, over 60 meat boxes! Someone else baked the most amazing gingerbread people – and your funding went on making this happen! At the start of December TRIP supported the setting up of a food save hub which collected supermarket surplus food and redistributed it to address food poverty and reduce the carbon footprint. An estimated 400 people a week have been supported through this project. Your funding helped secure the community space and help cover volunteer and other costs. “
- **Wadebridge Foodbank & Storehouse** received £10,000 towards the purchase of a property. “The generous support that we received from The Norman Family Charitable Trust has enabled us to reach our funding target and complete our move into larger, permanent premises. The impact that this has had - and will continue to have - on our organisation cannot be over-emphasised. We now have the space that we need to work safely, expand our capacity to fully meet the ongoing demands of our local community and become sustainable over the long term, ensuring that we are able to meet the needs of local people in crisis need for years to come.”
- **St Peter’s Primary School** received an urgent grant of £3,000 towards Chromebooks for use by pupils at home during lockdown - “In total, we were able to buy an additional 20 Chromebooks, all of which were loaned out to the families in the town (some secondary school pupils too) which enabled them to access the remote learning. Without access to this resource, our most vulnerable families would have been further disadvantaged. Having access to remote learning enabled the class teachers to personalise work and give feedback to all children in their homes, plus support parents with homeschooling.”
- **Hospiscare** received £10,000 towards consumable items – “The donation has been absolutely critical to our in-patient unit (IPU) throughout 2020. Last year more than ever, the use of clean wipes and dressings has been fundamental to patient welfare; it is one of the key elements that has ensured our doors have remained open and accepting those who need round-the-clock care throughout the pandemic. Your donation has been directly responsible for enabling approximately 129 vulnerable people to receive the care, love, and support they need during a time of crisis. It is difficult to find the words to describe the relief and comfort this can bring to families across Exeter, Mid and East Devon. Thank you.”
- **Exmouth Community College** received £5,334 towards mental health counselling services – “This year has been particularly disjointed for the ICE Project due to the pandemic, staff changes, and COVID guidelines being implemented at the school. However, we have still been able to serve the college by providing mentoring support to referred students. A total of 9 students were supported during the Autumn Term with mentoring sessions being tailored to each individual young person, while maintaining social distancing guidelines.”
- **Budleigh Relief In Need Charity** received £3,000 towards a package of financial support for local people who were struggling – “From the start of the pandemic to the end of 2020, your donation (alongside other donations) helped us provide regular support to 27 local households totalling £30,195.40. In total 456 individual weekly payments and 9 one-off payments were made. Your support has provided a lifeline to many of our households who have found themselves in positions of hardship they have never been in before. Thank you on their behalf for helping to make this possible.”
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## **The Norman Family Charitable Trust**
## **Trustees’ Annual Report for the year ended 31 March 2021**
## **Achievements and performance (continued)**
- TCR Radio Productions CIC received £2,000 towards a new centre and studio in Tiverton for the community radio station. “We would like to thank the Norman Family Trust for their donation of £2,000 pounds towards getting Centre-Space open in Tiverton; a local business and community central hub. The building had stood empty for 2 years and the funding has really helped us to get a website together, some furniture and decorating. Unfortunately, Covid has hindered our opening and once restrictions have lifted, we hope to go from strength to strength.
We have already achieved an award as a finalist in the rural business awards for best social enterprise and community project. “
## **Plans for Future Periods**
- Looking to the future, the Trust is planning to encourage new applicants and to help existing applicants who have been affected by the restrictions of the last year with the launch of a special Covid-19 related fund to run alongside normal applications. This new Fund will be promoted as widely as possible and will run for the next year.
- It is hoped that Trustees will be able to manage a programme of visits to applicants either to assess their suitability or to see projects on completion. Such visits have proved very useful in the past to inform the process of awarding grants but have not been possible this year.
## **Financial review**
- The Trust notes that there has been a significant decrease within investment income for the year totalling £447,428 (£482,357 – 2020). The decrease is mainly due to no legacy/other income and reduced dividend income within the CCLA Property Fund. Rental income is in line with last year.
- The valuation of the Investment Fund increased significantly within the year due to the recovery within the stock markets and valuations now higher than post Covid-19 levels.
- The valuation of the Property Fund fell slightly within the year though this was to be expected since the Fund is less liquid and thus less volatile. The Fund continues to provide good dividend income though the impact of Covid-19 has been negative with 2020-21 dividend at around 80% of 2019-20 levels. This trend is expected to continue for 2020-21.
- The financial impact regarding Covid-19 has been minimal with regards to income and expenditure. Staff and trustees have been working from home remotely from March 2020 to May 2021 in order to minimise the risk of spreading the virus. Extra precautions have been put in place within the Fore Street office.
## **Reserves Policy**
The reserves of The Norman Family Charitable Trust are made up of an Unrestricted Reserve and an Expendable Endowment Reserve. Investment income arising from the Endowed Investments is treated as Unrestricted and used for grant making purposes. The Trust Deed does also allow for capital to be used for charitable purposes, and the Trustees are considering this on a limited basis.
It is not the intention of the Trustees to build up unrestricted reserves or cash balances as there are no creditor commitments. The balance on Unrestricted Funds at 31[st ] March 2021 was £51,726 (2020 - £35,773).
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## **The Norman Family Charitable Trust**
## **Trustees’ Annual Report for the year ended 31 March 2021**
## **Investment Policy**
The stocks and shares reserves of the Endowment Fund is now only invested with one Investment Fund Manager which are CCLA (Unit Trusts in both the Investment and Property Funds). See note 15 for the details of the year end balances and movements during the year.
The Trustees’ Investment Policy with the Investment Manager is to maintain a balance between income generation and capital growth. This policy is regularly revisited, and levels of dividend income are frequently reviewed and communication with the Investment manager is regular.
The Trust also holds a significant property portfolio, currently comprising of one residential and six commercial tenants across five properties, as detailed in note 15.
## **Structure, governance and management**
The Trust was established by a Trust Deed dated 19[th] March 1979 which was amended by a Charity Commission Scheme dated 10[th] January 1990. The Scheme increased the maximum number of Trustees possible from five to ten.
The Trustee Body was incorporated by a Certificate of Incorporation sealed by the Charity Commission on 30[th] September 1996. The Trust is registered with the Charity Commission under reference number 277616.
As at the year end the Trust comprised 7 Trustees and 2 part-time staff.
The Trust continues to focus on strengthening the Board of Trustees in terms of numbers, quality and expertise, and succession planning to ensure the Trust is well placed in the future.
In recognition of the Charities Commission recommended guidelines trustees will be subject to re-election every three years or retire by rotation though this does not include the two-family trustees. It is important to undertake this exercise in a sensible and phased manner in order that the transition is a gradual one so as not to destabilise the Trust.
The Charitable Trust operates with two sub committees as follows:
## **(a) The Grants Committee** :
Is now Chaired by Mrs Liz Low supported by 2 trustees Mrs Sarah Gillingham and Mr Stephen Green and part-time employee Mrs Emma Le Poidevin (Grants Administrator). This committee considers, and has the power to determine, all Grant applications up to the value of £5,000 (£10,000 from April 21), which are signed off by the Committee Chair and also the Trust Chairman before payment. All applications above the value of £5,000 (£10,000 from April 21) are considered and signed off at the quarterly full Trustees’ Meeting. However, all the Grants determined by the Grants Committee under the value of £5,000 (£10,000 from April 21) are subsequently reported to all the trustees at the quarterly meeting contained within the full board pack. The grant application ‘Terms and Conditions’ were updated in year. This committee sits 6 or 7 times each financial year.
Mrs Margaret Evans retired as a trustee in June 2020 after serving 30 years mainly on the grants committee and the Trust would also like to thank her for all she has contributed.
## **(b) The Finance, Investment and Property Committee (FIP)** :
Is chaired by Mr Christopher Davis supported by trustees Mr John Bain and Mr William Tee, Mrs Sarah Gillingham and part-time employee Mr Lee Bingham (Charity Accounts Manager). The FIP Committee monitors the performance of its investment managers which are roughly equally split between those held in the CCLA unit trust and commercial investment Funds and commercial property directly owned and managed by the Trust. Any significant changes to the investment strategy or recommendations are reported to all the Trustees and the full quarterly Trustees’ meetings for a final decision and implementation. This committee can authorise expenditure of up to £5,000. The Trust seeks to meet its CCLA investment manager on an annual basis.
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## **The Norman Family Charitable Trust**
## **Trustees’ Annual Report for the year ended 31 March 2021**
## **Structure, governance and management (continued)**
The commercial property portfolio is now managed professionally by Stratton Creber Commercial (SCC) who were appointed in October 2020 after a tender process. The residential property investment continues to be managed by Exmouth Property Rentals (EPR).
Every year the Risk Assessment is reviewed and agreed by the Trustees for the following year. The relevant internal systems are then altered to mitigate the risks to which it is thought the trust could be exposed.
## **Policies**
With the assistance of Helen Clegg at Gilbert Stephens a set of 15 employment policies and procedures in line with current statute were ratified by the trustees in June 2020.
All other policies were updated where necessary and ratified by the trustees in December 2020.
## **New trustees**
The power of appointment of new Trustees is vested in the Trustees of the Trust.
## **Trustees’ powers**
Revenue and capital can be distributed for charitable purposes at the discretion of the Trustees. Their powers of investments are very wide, and include property.
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## **The Norman Family Charitable Trust**
## **Trustees’ Annual Report for the year ended 31 March 2021**
## **Reference and Administrative Details**
|**Registered Charity name**|The Norman Family Charitable Trust|
|---|---|
||Charity No. 277616|
|**Principal office address**|14 Fore Street|
||Budleigh Salterton|
||EX9 6NG|
|**Trustees**|William John Tee (Chair)|
||Christopher Hayward Davis|
||Margaret Hayward Evans (resigned June 2020)|
||Catherine Elizabeth Houghton (nee Norman)|
||Sarah May Gillingham (nee Norman)|
||John Bain|
||Elizabeth Anne Low|
||Stephen Green|
|**Bankers**|Charities Aid Foundation|
||25 Kings Hill Avenue|
||West Malling|
||ME19 4TA|
|**Investment managers**|CCLA Investment Management Ltd|
||85 Queen Victoria Street|
||London|
||EC4V 4ET|
|**Auditors**|PKF Francis Clark|
||Centenary House|
||Peninsula Park|
||Rydon Lane|
||Exeter|
||EX2 7XE|
|**Professional advisors**|Exmouth Property Rentals|
||1 Rolle House|
||Rolle Street|
||Exmouth|
||EX8 2SN|
||Stratton Creber Commercial|
||20 Southernhay West|
||Exeter|
||EX1 1PR|
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## **The Norman Family Charitable Trust**
## **Trustees’ Annual Report for the year ended 31 March 2021**
## **Trustees’ Responsibilities Statement**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and 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 Trust and of the incoming resources and application of resources of the Trust 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 SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The trustees are responsible for keeping accounting records that are sufficient to show and explain the Trust’s transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees’ annual report was approved on 6 July 2021 and signed on behalf of the board of trustees by:
William John Tee Trustee
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## **The Norman Family Charitable Trust**
## **Trustees’ Annual Report for the year ended 31 March 2021**
## **Opinion**
We have audited the financial statements of The Norman Family Charitable Trust (the “Trust”) for the year ended 31 March 2021 which comprise Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.
In our opinion, the financial statements:
- give a true and fair view of the state of the Trust’s affairs as at 31 March 2021 and of its income and expenditure for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- 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 applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical 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**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis 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 events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.
8
## **The Norman Family Charitable Trust**
## **Independent Auditors’ Report to the Trustees of The Norman Family Charitable Trust for the year ended 31 March 2021**
## **Other information (continued)**
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the trustees**
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 7, 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 they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Trust’s ability 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 Trust or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditor under S144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereafter. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 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, 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.
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Trust to identify key laws and regulations affecting it. The key regulations we identified were Charity legislation, health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and relevant tax legislation.
9
## **The Norman Family Charitable Trust**
## **Independent Auditors’ Report to the Trustees of The Norman Family Charitable Trust for the year ended 31 March 2021**
We discussed with management how the compliance with these laws and regulations is monitored and discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Trust complies with relevant laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the Trust’s ability to continue as a going concern and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements, of which there were none.
- Reviewed filings with the Charity Commission.
- Discussed with the health and safety officer whether any incidents have been reported during the year under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”).
- Review of the Company’s GDPR policy and enquiries to the Data Protection Officer as to the occurrence and outcome of any reportable breaches.
- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
- Reviewed Board minutes.
We assessed the susceptibility of the financial statements to material misstatement through management override or fraud, which might exist in fraudulent grant payments, or other fraudulent payments including payroll. We also discussed with management whether there had been any instances of known or alleged fraud, of which there were none. Based on our understanding we designed and conducted audit procedures including:
- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for of significant transactions outside the normal course of business, of which there were none.
- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. 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, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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## **The Norman Family Charitable Trust**
## **Independent Auditors’ Report to the Trustees of The Norman Family Charitable Trust for the year ended 31 March 2021**
## **Use of our Report**
This report is made solely to the Trust’s Trustees, as a body, in accordance with Part 4 of the Charities (Account and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trust’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
PKF Francis Clark Statutory Auditor Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE
Date: 6 July 2021
_PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006_
11
## **The Norman Family Charitable Trust**
## **Statement of Financial Activities for the year ended 31 March 2021**
|**Note**
**Income and endowments:**
Donations and legacies
**3**
Investment income
**4**
Other income
**5**
**Total income**
**Expenditure:**
Expenditure on raising funds:
Cost of raising donations
and legacies
**6**
Expenditure on charitable
activities
**7,8**
**9**
**Total expenditure**
Net gains/(losses) on
investments
**10**
**Net income**
**Net movement in Funds**
**Reconciliation of Funds:**
Total funds brought forward
**Total Funds carried forward**|Unrestricted
Funds
£
-
447,428
-
447,428
12,393
419,082
431,475
-
15,953
15,953
35,773
**51,726**|Endowment
Funds
£
-
-
-
-
-
-
-
706,908
706,908
706,908
9,577,626
**10,284,534**|**2021**
**Total Funds**
**£**
**-**
**447,428**
**-**
**447,428**
**12,393**
**419,082**
**431,475**
**706,908**
**722,861**
**722,861**
**9,613,399**
**10,336,260**|2020
Total Funds
£
11,519
468,938
1,900|
|---|---|---|---|---|
|||||482,357|
|||||10,762
441,940|
|||||452,702|
|||||(194,285)|
|||||(164,630)|
||||||
|||||(164,630)|
|||||9,778,029|
|||||9,613,399|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 14 to 24 form part of these financial statements.
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## **The Norman Family Charitable Trust**
## **Balance Sheet for the year ended 31 March 2021**
|**Note**
**Fixed assets**
Tangible fixed assets
**13**
Intangible Fixed Assets
**14**
Investments
**15**
**Current assets**
Debtors
**16**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**17**
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Funds of the Trust**
Endowment Funds
**18**
Unrestricted Funds
**18**
**Total Trust Funds**|**2021**
**£**
**85,401**
**1,756**
**10,185,686**
**10,272,843**
**16,849**
**61,686**
**78,535**
**15,118**
**63,417**
**10,336,260**
**10,336,260**
**10,284,534**
**51,726**
**10,336,260**|2020
£
88,907
1,020
9,478,778|
|---|---|---|
|||9,568,705
4,876
87,472|
|||92,348
47,654|
|||44,694|
|||9,613,399|
|||9,613,399|
|||9,577,626
35,773|
|||9,613,399|
These financial statements were approved by the Board of Trustees and authorised for issue on 6 July 2021 and are signed on behalf of the board by:
Christopher Hayward Davis William John Tee Trustee Trustee
The notes on pages 14 to 24 form part of these financial statements
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## **The Norman Family Charitable Trust**
## **Notes to the accounts for the year ended 31 March 2021**
## **1. General information**
The Trust is a public benefit entity and a registered Trust in England and Wales and is unincorporated. The address of the principle office is 14 Fore Street, Budleigh Salterton, EX9 6NG.
## **2. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared in accordance with 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. There are no material departures from FRS 102.
The Trust has taken advantage of the exemption in FRS102 from the requirement to produce a cash flow statement because it is a small charity.
The Trust meets the definition of a public benefit entity under FRS102.
The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the Trust’s ability to continue as a going concern. The Trust’s income is supported by rental income and grants are awarded at the discretion of the Trustees therefore the going concern basis of preparation is appropriate.
The accounts are prepared in Sterling, which is the functional currency. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditures.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Income tax**
Under section 505 ICTA 1988 the Trust is exempt from certain taxes. Full account is taken of tax credits attaching to gifts and qualifying donations.
## **Fund accounting**
## **Endowment Fund**
The Endowment Fund represents an expendable Fund. The Fund has arisen from capital donations and legacies from the settlors of the Trust. Income arising on the Endowment Fund can be used in accordance with the objects of the Trust and is included as unrestricted income.
14
## **The Norman Family Charitable Trust**
## **Notes to the accounts for the year ended 31 March 2021**
## **2. Accounting policies (continued)**
## **Unrestricted Fund**
The Unrestricted Fund comprises those Funds which the Trustees are free to use in accordance with the charitable objects.
## **Incoming resources**
All incoming resources are recognised once the Trust has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
## **Investment and rental income**
Income from investment and rental income is included in the year in which it is receivable.
## **Other incoming resources**
Other incoming resources are included in the period in which they are receivable.
## **Resources expended**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Trust to expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Resources expended include attribute VAT which cannot be recovered.
## **Costs of generating funds**
Costs of generating funds comprise those costs directly attributable to raising investment income.
## **Charitable activities**
Costs of charitable activities include grants made and an apportionment of overhead and support costs as shown in note 7.
## **Charitable activities : Other**
Charitable activities: Other, comprises those grants paid to charitable entities which cannot be categorised directly under one of the other activities due to the diversity of the charitable objects and activities of the recipient organisation.
## **Support costs**
Support costs comprise costs associated with processing grants and applications, including support to potential and actual applicants.
## **Grants payable for the furtherance of charity objectives**
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.
## **Governance costs**
Governance costs comprise all costs incurred in running the Trust itself as an organisation, and its compliance with regulation and good practice.
## **Legal fees**
Legal fees that are directly associated with the costs of generating funds are included within the property costs in this category. All other legal fees are included within governance costs.
15
## **The Norman Family Charitable Trust**
## **Notes to the accounts for the year ended 31 March 2021**
## **2. Accounting policies (continued)**
## **Operating leases**
Lease income is recognised in income or expenditure on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
## **Tangible assets**
All assets costing more than £400 are capitalised. Fixed assets are shown at their purchase cost together with any incidental costs of acquisition.
## **Depreciation**
Freehold property 2% straight line Computer equipment 33% straight line Office equipment 15% straight line Improvements to freehold property 2% straight line
## **Intangible assets**
Intangible assets are recorded at cost and amortised over their useful lives as follows:.
Software development costs - 20% straight line
## **Investments**
Fixed asset investments including investment properties are included at market value at the balance sheet date. Any gain or loss on revaluation is allocated to the Statement of Financial Activities. Investment properties were valued by Stratton Creber Commercial in October 2020 with an update for 31[st] March 2021.
## **Investment property**
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
16
## **The Norman Family Charitable Trust**
## **Notes to the accounts for the year ended 31 March 2021**
## **2. Accounting policies (continued)**
## **Impairment of fixed assets**
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purpose of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generated cash inflow that are largely independent of the cash inflows from other assets or group of assets.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the Trust becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Financial assets that are measured at cost are amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
## **3. Donations and legacies**
||Unrestricted||**Total**|Unrestricted|Total|
|---|---|---|---|---|---|
||Funds|**Funds**|**2021**|Funds|Funds 2020|
||£||**£**|£|£|
|Donations|-||**-**|11,519|11,519|
17
## **The Norman Family Charitable Trust**
## **Notes to the accounts for the year ended 31 March 2021**
## **4. Investment Income**
|**5. Other Income**
Unrestricted
Funds
£
Sundry Income
-
**6. Cost of raising donations and legacies**
Unrestricted
Funds
£
Property Costs
12,393
Investment fees
-
12,393
Unrestricted
Funds
£
Income from investment
properties
201,131
Income from listed
investments
246,265
Bank interest receivable
32
447,428|**5. Other Income**
Unrestricted
Funds
£
Sundry Income
-
**6. Cost of raising donations and legacies**
Unrestricted
Funds
£
Property Costs
12,393
Investment fees
-
12,393
Unrestricted
Funds
£
Income from investment
properties
201,131
Income from listed
investments
246,265
Bank interest receivable
32
447,428||**Total**
**Funds 2021**
**£**
**-**
Endowment
Funds
£
-
-
-
**Total**
**Funds**
**2021**
**£**
**201,131**
**246,265**
**32**
**447,428**|**Total**
**Funds 2021**
**£**
**-**
Endowment
Funds
£
-
-
-
**Total**
**Funds**
**2021**
**£**
**201,131**
**246,265**
**32**
**447,428**|Unrestricted
Funds
£
1,900
**Total**
**Funds**
**2021**
**£**
**12,393**
**-**
**12,393**
Unrestricted
Funds
£
201,776
267,070
92
468,938|Unrestricted
Funds
£
1,900
**Total**
**Funds**
**2021**
**£**
**12,393**
**-**
**12,393**
Unrestricted
Funds
£
201,776
267,070
92
468,938||Total Funds
2020
£
1,900
Total Funds
2020
£
201,776
267,070
92
468,938|
|---|---|---|---|---|---|---|---|---|
||||||||||
||||||||||
|||
|||
|||Total
Funds
2020
£
10,762
-
10,762|
||12,393|||-||**12,393**|||
The Norman Family Trust has capital funds invested with one Investment Manager, CCLA. CCLA income is received net of investment fees.
## **7. Expenditure on charitable activities by activity type**
|Grants payable
Governance costs|Grant
funding of
activities
£
374,656
-
374,656|Support
costs
£
-
44,426
44,426|**Total Funds**
**2021**
**£**
**374,656**
**44,426**
**419,082 **|Total Funds
2020
£
396,194
45,746|
|---|---|---|---|---|
|||||441,940|
Expenditure on charitable activities totalling £419,082 (2020: £441,940) is unrestricted.
18
## **The Norman Family Charitable Trust**
## **Notes to the accounts for the year ended 31 March 2021**
## **8. Analysis of support costs**
|**9. Analysis of grants**
**Grants to institutions**
Animals, environment and conservation
Blind, deaf and physically handicapped
Children
Community projects
Crime prevention, rehabilitation, addictions
Employment, skills, training
Forces, ex-forces, emergency services
Homelessness, social welfare
Medical (including medical research)
Mental health and learning disabilities
Senior welfare
Sport and leisure
Norman 40th
Youth
Staff costs
Light, heat and telephone
Office costs
Premises costs
Depreciation (including loss on disposal)
Amortisation
Audit and accountancy
Administrative costs
Sundry costs|Support
costs
£
18,447
464
205
9,003
4,880
502
5,340
5,206
379
44,426|**2021**
**£**
**20,900**
**25,750**
**94,835**
**66,602**
**6,116**
**10,000**
**4,844**
**40,000**
**55,250**
**24,650**
**9,750**
**11,209**
**-**
**4,750**
**374,656**
**Total 2021**
**£**
**18,447**
**464**
**205**
**9,003**
**4,880**
**502**
**5,340**
**5,206**
**379**
**44,426**|Total 2020
£
18,690
937
1,364
6,872
8,934
255
5,340
3,149
205|
|---|---|---|---|
||||45,746|
||||2020
£
18,300
35,428
83,690
30,946
4,925
-
7,800
19,000
68,000
20,250
11,370
17,135
68,000
11,350|
||||396,194|
## **10. Net gain on investments**
|Gains/(losses) on investment
property
Gains/(losses) on other
investment assets|Endowment
Funds
£
(75,000)
781,908
706,908|**Total**
**Funds**
**2021**
**£**
**(75,000)**
**781,908**
**706,908**|Endowment
Funds
£
-
(194,285)
(194,285)|Total Funds 2020
£
-
(194,285)|
|---|---|---|---|---|
|||||(194,285)|
19
## **The Norman Family Charitable Trust**
## **Notes to the accounts**
## **for the year ended 31 March 2021**
## **11. Staff costs**
The total staff costs and employee benefits for the reporting period are analysed as follows:
|Wages and salaries|**2021**
**£**
2020
£
**18,447**
18,690|
|---|---|
The average head count of employees during this period was 2 (2020: 2).
No employee received remuneration of more than £60,000 during the year.
## **12. Trustee remuneration and expenses**
No remuneration has been paid to the Trustees in either the current or preceding period. During the year expenses were incurred totalling £nil (2020: £286).
## **13. Tangible fixed assets**
|**Cost**
At 1 April 2020
Additions
Disposals
**At March 2021**
**Depreciation**
At 1 April 2020
Charge for the year
Disposals
**At 31 March 2021**
**Carrying Amount**
**At 31 March 2021**
At 31 March 2020|Freehold
property
£
38,968
-
-
38,968
13,240
779
-
14,019
**24,949**
25,728|Computer
equipment
£
7,426
626
-
8,052
3,101
1,547
-
4,648
**3,404**
4,325|Office
equipment
£
26,484
-
-
26,484
25,892
217
-
26,109
**375**
592|Improvement
to freehold
property
£
76,618
750
-
77,368
18,356
2,337
-
20,693
**56,675**
58,262|**Total**
**£**
**149,496**
**1,376**
**-**|
|---|---|---|---|---|---|
||||||**150,872**|
||||||**60,589**
**4,880**
**-**|
||||||**65,469**|
|||||||
||||||**85,403**|
|||||||
||||||88,907|
20
## **The Norman Family Charitable Trust**
## **Notes to the accounts for the year ended 31 March 2021**
## **14. Intangible fixed assets**
|**Cost**
At 1 April 2020
Additions
Disposals
**At March 2021**
**Amortisation**
At 1 April 2020
Charge for the year
**At 31 March 2021**
**Carrying Amount**
**At 31 March 2021**
At 31 March 2020|Software
Development
Costs
1,275
1,238
-
2,513
255
502
757
**1,756**
1,020|**Total**
**£**
**1,275**
**1,238**
**-**|
|---|---|---|
|||**2,513**|
|||**255**
**502**|
|||**757**|
||||
|||**1,756**|
||||
|||1,020|
## **15. Investments**
|**Cost or valuation**
At 1 April 2020
Additions
Disposals
Fair value movements
**At 31 March 2021**
**Carrying amount**
**At 31 March 2021**
At 31 March 2020|Freehold &
leasehold
properties
£
3,135,000
-
-
(75,000)
**3,060,000**
**3,060,000**
3,135,000|CCLA Property
Fund
£
2,312,659
-
-
(51,102)
**2,261,557 **
**2,261,557 **
2,312,659|CCLA
Investment Fund
£
4,031,119
-
-
833,010
**4,864,129**
**4,864,129**
4,031,119|**Total**
**£**
9,478,778
**-**
**-**
**706,908**|
|---|---|---|---|---|
|||||**10,185,686**|
||||||
|||||**10,185,686**|
||||||
|||||9,478,778|
All investments shown above are held at fair value.
21
## **The Norman Family Charitable Trust**
## **Notes to the accounts for the year ended 31 March 2021**
## **15. Investments (continued)**
The investment properties were valued on the 31st of October 2020 by Stratton Creber Commercial, a desktop valuation was carried out at 31 March 2021.
## **Financial Assets held at fair value**
Listed investments are included at their open market value at the year end.
## **16. Debtors**
|Prepayments and accrued income
Other debtors
**17. Creditors: amounts falling due within one year**
Accruals and deferred income
Social security and other taxes|**2021**
**£**
**16,674**
**175**
**16,849**
**2021**
**£**
**15,118**
**-**
**15,118**|2020
£
2,837
2,039|
|---|---|---|
|||4,876|
|||2020
£
45,016
2,638
47,654|
22
## **The Norman Family Charitable Trust**
## **Notes to the accounts for the year ended 31 March 2021**
## **18. Analysis of Charitable Funds**
|**Unrestricted**|**Funds**||||||
|---|---|---|---|---|---|---|
||1|April|Income|Expenditure|Gain &|**31 March**|
|||2020|£|£|losses|**2021**|
|||£|||£|**£**|
|General|35,773||447,428|(452,702)|-|**51,726**|
|Funds|||||||
|**Endowment Funds**|||||||
||1|April|Income|Expenditure|Gain &|**31 March**|
|||2020|£|£|losses|**2021**|
|||£|||£|**£**|
|Endowment|9,577,626||-|-|706,908|**10,284,534**|
|Fund|||||||
## **19. Analysis of net assets between Funds**
|Tangible fixed assets
Intangible fixed assets
Investments
Current assets
Creditors less than 1 year
**Net assets**|Unrestricted
Funds
£
-
-
-
51,726
-
51,726|Endowment
Funds
£
85,401
1,756
10,185,686
26,809
(15,118)
10,284,534|**Total**
**Funds**
**2021**
**£**
**85,401**
**1,756**
**10,185,686**
**78,535**
**(15,118)**
**10,336,260**|Total Funds
2020
£
88,907
1,020
9,478,778
92,348
(47,654)|
|---|---|---|---|---|
|||||9,613,399|
## **20. Operating lease commitments**
## **As lessor**
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years|**2021**
**£**
**187,133**
**822,527**
**264,064**
**1,273,724**|2020
£
187,133
452,082
324,048|
|---|---|---|
|||963,263|
## **21. Legacies**
Under the terms of the Will of the late Mr Phillip Norman, the Trust has an absolute revisionary interest in a Fund named the ‘Wife`s Fund’ whereby the Trust has an absolute entitlement to the capital following the life tenant`s death but the Will Trustees have power to release capital to the wife during her lifetime at their discretion (the value of this Fund on 31 March was £208,856 (2020: £196,122).
The Trust has certain contingent interests in other trusts created by Mr Phillip Norman`s Will but the contingencies are considered to be so remote as not to have any value attributable to them.
23
## **The Norman Family Charitable Trust**
## **Notes to the accounts for the year ended 31 March 2021**
## **22. Pledges**
At 31 March 2021 the Trustees have pledged grants amounting to £33,524. However, the Trustees retain the right to discontinue these grants at any time and as such these grants have not been recognised as liabilities within the financial statements.
## **23. Related party transactions**
Sarah Gillingham, one of the Trustees, ceased to rent the property below the Trust`s office in Budleigh Salterton as at 31 May 2019. A formal assessment of the rental yield was carried out previously by King Wilkinson & Company and this is the amount being charged to Sarah Gillingham, trading as ‘Tomato Glasses’. Therefore, the Trustees received rental income of £nil (2020: £750).
Also, The Gibbons Family Trust & The David Gibbons Foundation, charities with mutual personnel, rents part of the office space in Budleigh Salterton. Income of £2,400 (2020: £2,400) was received from this source this year.
No Trustees were involved in the decision making process of any of the charities which were in receipt of grants from the Norman Family Charitable Trust.
24