# **The Norman Family Charitable Trust (Charity Commission No 277616)** 

**Trustees’ Annual Report and Financial Statements for the year ended 31 March 2024** 



## **The Norman Family Charitable Trust** 

## **Trustees’ Annual Report for the year ended 31 March 2024** 

|**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 2024** 

The Trustees present their report and the financial statements of the charity for the year ended 31 March 2024. 

## **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 West 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** 

During 2023/24, the Trust processed 413 applications (353 – 2022/23), awarded 284 grants and pledges (252 – 2022/23) totaling £517,379 including £25,500 pledges not yet paid (£518,409 – 2022/23). The number of rejections and withdrawals increased from 101 to 129. The average grant/pledge awarded in 2024 was £1,822 (£2,090 – 2022/23) and the success rate for grant applications was 69% (71% - 2022/23). The average amount requested per applicant was £3,724 (£4,012 – 2022/23). 

The Trustees have agreed to continue increasing the allocated funds for grants by releasing some capital, and the total spend on grants this year has again been just over £500,000. This proved to be well timed as the number of applications has increased again, as have the amounts being requested. The Grants Committee endeavours to spread the grants as widely as possible, while ensuring that the applications satisfy the objectives of the Trust and are for the public benefit. 

The Grants Committee prioritises applications from schools and those dealing with children. Then, preference is given to applications relating to mental health, learning disabilities, social welfare and homelessness and other projects that will benefit the community. However, even applications outside these categories will be considered as the Trust wants to be as generous as possible within the constraints of the funds available. The number of applications is increasing every year, and we are pleased to see many first-time applicants. This indicates that the Trust’s name is widely known and easy to access. Many of the comments from applicants on their monitoring forms are very complimentary about the website and the efficient service they 

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## **The Norman Family Charitable Trust** 

## **Trustees’ Annual Report for the year ended 31 March 2024** 

receive. In order to ensure that the correct decision is being made, the Committee sometimes defers a grant award in order to visit or contact the applicant for further information. There is also a greater use of pledges, usually for larger projects when it is helpful for applicants to know that the grant will be paid when the rest of the funding is in place. 

As the number of applications from very needy and deserving causes increases the Trust has focused more on smaller local charities, although local projects run by national charities will always be considered. The Grants Committee also decided that they would not fund festivals. 

Here are some of the comments from this year’s recipients who told us about the difference the Trust’s funding has made to their work. 

- **SAFE Foundation -** Through the funding we received, we were able to provide stability and structure to some of the most vulnerable children in our community. The impact of our support means they are empowered and feel more confident for their lives. This strengthens our society - your funding means as an organisation we are able to deliver services that we believe in, and we see makes a difference. Your investment in us to do this, brings lifelong change for our community. 

- **Ottery Help Scheme -** A big thank you to the trustees for funding our 2 seated exercise classes over the last year. The classes have been fully booked all year and have provided movement, fun and friendship for a wide variety of people. The social element is just as important as the gentle exercise and many people have said "it is the highpoint of my week"! 

- **Exmoor Community Youth Club -** The £1,000 grant from your trust has helped ensure financial stability for our club over the last 12 months and allowed us to run the club and activities as normal. This has benefited the children of Exmoor who have very little available to them for social interaction outside school hours. 

- **Polruan Village Hall -** Your recent Grant allows us to have the damaged stairs between our ground floor and our mezzanine floor replaced. These stairs provide the only access and egress point from our upper floor mezzanine, and this is where we store our Kids and Youth Clubs equipment and where the majority of our other User Groups store their equipment. The floor also houses our theatre club's lighting and sound management systems, which are operated from there during all their Rehearsals and Productions. Critically, the stairway is also the only Emergency Exit Route from the mezzanine and without it being available, we could not use the mezzanine at all. 

- **Citizens Advice Service East Devon - Parent Support Project -** Working with schools in East Devon to deliver specialised support for young families we were able to keep our Project Worker employed. Your generous grant enabled us to be confident that we should extend their contract further. The project has now touched 196 families, generating nearly a quarter of a million pounds in extra income and helping with a whole range of issues from benefits, food banks, debt, family relationships and housing. 

- **Community Initiatives South-West (FareShare) -** Thanks to the generous grant, FareShare SouthWest has been able to save more top-quality food from waste and get it to people experiencing food poverty across Devon and Cornwall. 

- **Dentaid -** The generous grant of £3750 went towards the funding of our clinics in Exeter, specifically towards supporting individuals experiencing homelessness and the vulnerably housed in partnership with the charity St Petrock's. 

- **Magic Carpet** -The grant has ensured the continuation of our mental health group ‘Open studios’ which takes place at our Paris Street venue, allowing us to keep the group at low cost and therefore ensuring accessibility to those who need it most. 

2 



## **The Norman Family Charitable Trust** 

## **Trustees’ Annual Report for the year ended 31 March 2024** 

- **St Sidwell’s Community Centre -** Overall, the impact of the grant at the community centre has reduced stress and pressure on staff as there is now a designated member of the team who is able to provide 1:1 confidential space to listen to people who are looking for help. 

## **Plans for Future Periods** 

- The Trust has decided to continue to increase amounts available for grants for 2024-25 drawing down from the CCLA Ethical Investment fund due to the current levels of demand. 

- To continue to assess all applications for grants and award as many as possible in line with the wishes of the Norman family. 

- To increase the number of visits to and checks on applicants to ensure that our grants are genuinely being used for the public benefit. 

## **Financial Review** 

The Trust notes that there has been a decrease in income of £53,706 for the year (total - £434,824 (£488,530 – 2023)). This was due to the fact that there was a disposal of a property in 2022/23. This was partially offset by an increase within dividend income from the two CCLA funds, which was higher than budgeted due to the market recovery. 

- Full property valuations were undertaken by Stratton Creber Commercial in February 2024 and as a result the combined valuations increased by £100,000. 

- The funds within the Investment Fund were switched to the Ethical Investment Fund during the year as per the Trustees wishes. 

- In order to ensure that our insurance policy adequately covered the reinstatement values of the three investment properties we obtain independent valuations from Hollis Global Limited during the year. 

## **Reserves Policy** 

The reserves of the 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 which has been the case this year and last year. This will continue within 2024-25 due to increased level of demand and potentially in future years. 

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 on the 31 March 2024 was £3,205 (2023 - £24,018). 

## **Investment Policy** 

The stocks and shares reserves of the Endowment Fund are now only invested with one Investment Fund Manager which is CCLA Investment Management Ltd (Unit Trusts in the Ethical Investment and Property Funds). See note 13 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 property portfolio, currently comprising of 3 commercial tenants across 3 properties, as detailed in note 13. 

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## **The Norman Family Charitable Trust** 

## **Trustees’ Annual Report for the year ended 31 March 2024** 

## **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 seven Trustees and two part-time staff. An additional Trustee was appointed in May 2024. 

William Tee stood down as Chair in June 2023, after 6 years.  These were a time of challenges and change. The Trust responded to the pandemic in 2021 and 2022 by allocating extra funds to help local charities who were struggling through reduction in income. The Trust also sold its previous premises and moved into new purpose-designed ones during the year.  During his tenure, and at his direction, the Trust undertook a thorough review of its processes, protocols and policies, and the Trust is in a much-improved governance position. He had been in indifferent health for some time, and also was caring for his wife. The trustees thank William for his considerable contribution to the Trust, both as trustee and Chair. 

The Trust has given much consideration to 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’s 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. The Trust undertakes 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 Trust operates with two sub committees as follows: 

## **(a) The Grants Committee** : 

Is Chaired by Liz Low supported by three Trustees Sarah Gillingham, Stephen Green, Fiona Ross and parttime employee Emma Le Poidevin (Grants Administrator). This committee considers and has the authority to determine, all Grant applications up to the value of £10,000, which are signed off by the Committee Chair and the Trust Chairman before payment. All applications above the value of £10,000 are considered and signed off at the quarterly full Trustees Meeting. However, all the Grants determined by the Grants Committee under the value of £10,000 are subsequently reported to all the Trustees at the quarterly meeting contained within the full board pack. This committee sits 6 times each financial year. 

## **(b) The Finance, Investment and Property Committee (FIP)** : 

Is chaired by John Bain supported by Trustees Christopher Davis, Sarah Gillingham, and part-time employee Lee Bingham (Trust Manager). The FIP Committee monitors the performance of its investments. Some 50% are held in the CCLA Ethical Investment Fund, and a further 25% each in the CCLA Property Fund and the Trust’s own property portfolio. 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. 

4 



## **The Norman Family Charitable Trust** 

## **Trustees’ Annual Report for the year ended 31 March 2024** 

This committee can authorise expenditure of up to £5,000. The Trust meets its CCLA investment manager on an annual basis. 

The commercial property portfolio is managed professionally by Stratton Creber Commercial (SCC). 

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** 

All the policies on the annual review cycle were updated and ratified by the Trustees in November 2023. 

## **New trustees** 

The power of appointment of new Trustees is vested in the Trustees for the time being. 

5 



## **The Norman Family Charitable Trust** 

## **Trustees’ Annual Report for the year ended 31 March 2024** 

## **Trustees’ Powers** 

Revenue and capital can be distributed for charitable purposes at the discretion of the Trustees. The power of investments are very wide and include property. 

## **Reference and Administrative Details** 

|**Registered charity name**|The Norman Family Charitable Trust|
|---|---|
||Charity No. 277616|
|**Principal office address**|Unit 11|
||South Farm Court|
||South Farm Road|
||Budleigh Salterton|
||EX9 7AY|
|**Reference and Administrative Details (continued)**||
|**Trustees**|William Tee (resigned 27thJune 2023)|
||Christopher Davis (Chair)|
||Fiona Ross|
||Catherine Houghton (nee Norman)|
||Sarah Gillingham (nee Norman)|
||John Bain|
||Liz Low|
||Stephen Green|
||Brian Eastwood (appointed 7thMay 2024)|
|**Bankers**|Charities Aid Foundation|
||25 Kings Hill Avenue|
||West Malling|
||ME19 4TA|
|**Investment managers**|CCLA Investment Management Ltd|
||One Angel Lane|
||London|
||EC4R 3AB|
|**Auditors**|PKF Francis Clark|
||Centenary House|
||Peninsula Park|
||Rydon Lane|
||Exeter|
||EX2 7XE|
|**Professional Advisors**|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 2024** 

## **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 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 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 charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees annual report was approved on 25 June 2024 and signed on behalf of the board of trustees by: 

Christopher Davis Trustee 

7 



## **Independent Auditors’ Report to the Trustees of The Norman Family Charitable Trust for the year ended 31 March 2024** 

## **Opinion** 

We have audited the financial statements of The Norman Family Charitable Trust (the “Trust”) for the year ended 31 March 2024 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 2024 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. 

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. 

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## **Independent Auditors’ Report to the Trustees of The Norman Family Charitable Trust for the year ended 31 March 2024** 

## **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 



## **Independent Auditors’ Report to the Trustees of The Norman Family Charitable Trust for the year ended 31 March 2024** 

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. 

10 



## **Independent Auditors’ Report to the Trustees of The Norman Family Charitable Trust for the year ended 31 March 2024** 

## **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: 25 June 2024 

_PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006_ 

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## **The Norman Family Charitable Trust** 

## **Statement of Financial Activities for the year ended 31 March 2024** 

|**Note**<br>**Income and endowments**<br>**from:**<br>Donations and Legacies<br>Investment income<br>Other income<br>Profit on disposal of fixed<br>asset<br> **3**<br> <br> <br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>**4**<br>Charitable activities<br>**5**<br>**Total expenditure**<br>Net gains/(losses) on<br>investments<br>**8**<br>**Net income/(expenditure)**<br>**Transfers between funds**<br>**16**<br>**Net movement in Funds**<br>**Reconciliation of Funds:**<br>Total funds brought forward<br>**Total Funds carried forward**|Unrestricted<br>Funds<br>£<br>-<br>433,751<br>1,073<br>-<br>434,824<br>13,021<br>562,616<br>575,637<br>-<br>(140,813)<br>120,000<br>(20,813)<br>24,018<br>**3,205**|Endowment<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>340,834<br>340,834<br>(120,000)<br>220,834<br>9,866,172<br>**10,087,006**|**2024**<br>**Total Funds**<br>**£**<br>**-**<br>**433,751**<br>**1,073**<br>**-**<br> <br>**434,824**<br>**13,021**<br>**562,616**<br>**575,637**<br>**340,834**<br>**200,021**<br>**-**<br>**200,021**<br>**9,890,190**<br>**10,090,211**|2023<br>Total Funds<br>£<br>-<br>422,618<br>-<br>65,912|
|---|---|---|---|---|
|||||488,530|
|||||43,217<br>541,295|
|||||584,512|
|||||(821,872)|
|||||(917,854)|
|||||(120,000)|
|||||(917,854)|
|||||10,808,044|
|||||9,890,190|



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 2024** 

|**Note**<br>**Fixed assets**<br>Tangible fixed assets<br>**11**<br>Intangible Fixed Assets<br>**12**<br>Investments<br>**13**<br>**Current assets**<br>Debtors<br>**14**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within one year**<br>**15**<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Net assets**<br>**Funds of the Trust**<br>Endowment Funds<br>**16**<br>Unrestricted Funds<br>**16**<br>**Total Trust Funds**|**2024**<br>**£**<br>**62,160**<br>**249**<br>**9,979,740**<br>**10,042,149**<br>**50,158**<br>**16,809**<br>**66,967**<br>**(18,905)**<br>**48,062**<br>**10,090,211**<br>**10,090,211**<br>**10,087,006**<br>**3,205**<br>**10,090,211**|2023<br>£<br>39,298<br>752<br>9,838,906|
|---|---|---|
|||9,878,956<br>27,246<br>11,625|
|||38,871<br>(27,637)|
|||11,234|
|||9,890,190|
|||9,890,190|
|||9,866,172<br>24,018|
|||9,890,190|



These financial statements were approved by the Board of Trustees and authorised for issue on 25 June 2024 and are signed on behalf of the board by: 

Christopher Hayward Davis 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 2024** 

## **1. General information** 

The charity is a public benefit entity and a registered charity in England & Wales and is unincorporated. The address of the principle office is Unit 11 South Farm Court, South Farm Road, Budleigh Salterton, Devon EX9 7AY. 

## **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 2024** 

## **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 5. 

## **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 2024** 

## **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 February 2024. 

## **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 2024** 

## **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. Investment Income** 

|Income from investment<br>properties<br>Income from listed<br>investments<br>Bank interest receivable|Unrestricted<br>Funds<br>£<br>136,699<br>296,289<br>763<br>433,751|**Total**<br>**Funds**<br>**2024**<br>£<br>**136,699**<br>**296,289**<br>**763**<br>**433,751**|Unrestricted<br>Funds<br>£<br>133,477<br>288,755<br>386<br>422,618|Total<br>Funds<br>2023<br>£<br>133,477<br>288,755<br>386|
|---|---|---|---|---|
|||||422,618|



17 



## **The Norman Family Charitable Trust** 

## **Notes to the accounts for the year ended 31 March 2024** 

## **4. Cost of raising funds** 

|Property Costs|Unrestricted<br>Funds<br>£<br>13,021<br>13,021|Endowment<br>Funds<br>£<br>-<br>-|**Total**<br>**Funds**<br>**2024**<br>**£**<br>**13,021**<br>**13,021**|Total<br>Funds<br>2023<br>£<br>43,217|
|---|---|---|---|---|
|||||43,217|



The Norman Family Trust has capital funds invested with one Investment Manager, CCLA. CCLA income is received net of investment fees. 

## **5. Expenditure on charitable activities by activity type** 

|Grants payable (note 7)<br>Support costs (note 6)|Grant<br>funding of<br>activities<br>£<br>504,379<br>-<br>504,379|Support<br>costs<br>£<br>-<br>58,237<br>58,237|**Total Funds**<br>**2024**<br>**£**<br>**504,379**<br>**58,237**<br>**562,616**|Total Funds<br>2023<br>£<br>498,409<br>42,886|
|---|---|---|---|---|
|||||541,295|



Expenditure on charitable activities totalling £562,616 (2023: £541,295) is unrestricted. 

## **6. Analysis of support costs** 

|Staff costs<br>Light, heat and telephone<br>Office costs<br>Premises costs<br>Depreciation<br>Amortisation<br>Audit and accountancy<br>Administrative costs<br>Sundry costs|Support<br>costs<br>£<br>20,498<br>3,000<br>5<br>14,139<br>4,440<br>503<br>5,500<br>9,887<br>265<br>58,237|**Total 2024**<br>**£**<br>**20,498**<br>**3,000**<br>**5**<br>**14,139**<br>**4,440**<br>**503**<br>**5,500**<br>**9,887**<br>**265**<br>**58,237**|Total 2023<br>£<br>18,093<br>(25)<br>205<br>6,812<br>435<br>502<br>5,750<br>10,944<br>170|
|---|---|---|---|
||||42,886|



18 



## **The Norman Family Charitable Trust** 

## **Notes to the accounts for the year ended 31 March 2024** 

## **7. Analysis of grants** 

|**Grants to institutions**<br>Animals, environment and conservation<br>Blind, deaf and physically handicapped<br>Children<br>Community projects<br>Crime prevention, rehabilitation, addictions<br>Employment, skills, training<br>Forces, ex-forces, emergency services<br>Homelessness, social welfare<br>Medical (including medical research)<br>Mental health and learning disabilities<br>Senior welfare<br>Sport and leisure<br>Youth<br>Senior – Donation|**2024**<br>**£**<br>**22,500**<br>**24,800**<br>**179,849**<br>**57,723**<br>**1,000**<br>**24,000**<br>**1,000**<br>**66,280**<br>**28,105**<br>**52,780**<br>**13,400**<br>**23,250**<br>**9,692**<br>**-**<br>**504,379**|2023<br>£<br>26,200<br>28,760<br>136,507<br>44,825<br>3,500<br>9,200<br>2,000<br>71,250<br>50,812<br>62,063<br>16,672<br>28,950<br>12,670<br>5,000|
|---|---|---|
|||498,409|



## **8. Net gain on investments** 

|Gains/(losses) on investment<br>property<br>Gains/(losses) on other<br>investment assets|Endowment<br>Funds<br>£<br>100,000<br>240,834<br>340,834|**Total Funds**<br>**2024**<br>**£**<br>**100,000**<br>**240,834**<br>**340,834**|Endowment<br>Funds<br>£<br>-<br>(821,872)<br>(821,872)|Total Funds<br>2023<br>£<br>-<br>(821,872)|
|---|---|---|---|---|
|||||(821,872)|



19 



## **The Norman Family Charitable Trust** 

## **Notes to the accounts for the year ended 31 March 2024** 

## **9. Staff costs** 

The total staff costs and employee benefits for the reporting period are analysed as follows: 

|Wages and salaries|**2024**<br>**£**<br>2023<br>£<br>**20,497**<br>18,093|
|---|---|



The average head count of employees during this period was 2 (2023: 2). 

No employee received remuneration of more than £60,000 during the year (2023: £nil). 

## **10. 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 (2023: £nil). 

## **11. Tangible fixed assets** 

|**Cost**<br>At 1 April 2023<br>Additions<br>Disposals<br>**At March 2024**<br>**Depreciation**<br>At 1 April 2023<br>Charge for the year<br>Disposals<br>**At 31 March 2024**<br>**Carrying Amount**<br>**At 31 March 2024**<br>At 31 March 2023|Computer<br>equipment<br>£<br>8,052<br>-<br>-<br>8,052<br>8,052<br>-<br>-<br>8,052<br>-<br>-|Office<br>equipment<br>£<br>7,401<br>-<br>-<br>7,401<br>7,401<br>-<br>-<br>7,401<br>-<br>-|Improvement<br>to leasehold<br>property<br>£<br>39,298<br>27,302<br>-<br>66,600<br>-<br>4,440<br>-<br>4,440<br>62,160<br>39,298|**Total**<br>**£**<br>**54,751**<br>**27,302**<br>**-**|
|---|---|---|---|---|
|||||**82,053**|
|||||**15,453**<br>**4,440**<br>**-**|
|||||**19,893**|
||||||
|||||**62,160**|
||||||
|||||39,298|



20 



## **The Norman Family Charitable Trust** 

## **Notes to the accounts for the year ended 31 March 2024** 

## **12. Intangible fixed assets** 

|**Cost**<br>At 1 April 2023<br>Additions<br>Disposals<br>**At March 2024**<br>**Amortisation**<br>At 1 April 2023<br>Charge for the year<br>**At 31 March 2024**<br>**Carrying Amount**<br>**At 31 March 2024**<br>At 31 March 2023|Software<br>Development<br>Costs<br>2,513<br>-<br>-<br>2,513<br>1,761<br>503<br>2,264<br>249<br>752|**Total**<br>**£**<br>**2,513**<br>**-**<br>**-**|
|---|---|---|
|||**2,513**|
|||**1,761**<br>**503**|
|||**2,264**|
||||
|||**249**|
||||
|||752|



## **13. Investments** 

|**Cost or valuation**<br>At 1 April 2023<br>Additions<br>Disposals<br>Fair value movements<br>Transfer<br>**At 31 March 2024**<br>**Carrying amount**<br>**At 31 March 2024**<br>At 31 March 2023|Freehold &<br>leasehold<br>properties<br>£<br>1,850,000<br>-<br>-<br>100,000<br>-<br>1,950,000<br>1,950,000<br>1,850,000|CCLA<br>Property<br>Fund<br>£<br>2,976,552<br>-<br>-<br>(197,182)<br>-<br>2,779,370<br>2,779,370<br>2,976,552|CCLA<br>Investment<br>Fund<br>£<br>5,012,354<br>-<br>(100,000)<br>181,019<br>(5,093,373)<br>-<br>-<br>5,012,354|CCLA<br>Ethical<br>Investment<br>Fund<br>£<br>-<br>-<br>(100,000)<br>256,997<br>5,093,373<br>5,250,370<br>5,250,370<br>-|**Total**<br>**£**<br>**9,838,906**<br>**-**<br>**(200,000)**<br>**340,834**<br>**-**|
|---|---|---|---|---|---|
||||||**9,979,740**|
|||||||
||||||**9,979,740**|
|||||||
||||||9,838,906|



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 2024** 

## **13. Investments (continued)** 

The investment properties were valued in February 2024 by Stratton Creber Commercial. 

## **Financial Assets held at fair value** 

Listed investments are included at their open market value at the year end. 

## **14. Debtors** 

|Prepayments and accrued income<br>Social security and other taxes<br>Other debtors|**2024**<br>**£**<br>**46,291**<br>**-**<br>**3,867**<br>**50,158**|2023<br>£<br>17,833<br>7,747<br>1,666|
|---|---|---|
|||27,246|



## **15. Creditors: amounts falling due within one year** 

|Accruals and deferred income<br>Social security and other taxes|**2024**<br>**£**<br>**14,607**<br>**4,298**<br>**18,905**|2023<br>£<br>27,637<br>-<br>27,637|
|---|---|---|



## **16. Analysis of Charitable Funds** 

## **Current year** 

|Unrestricted<br>Funds<br>Endowment<br>Fund<br>**Total funds**<br>**Prior year**<br>Unrestricted<br>Funds<br>Endowment<br>Fund<br>**Total funds**|1 April<br>2023<br>£<br>24,018<br>9,866,172<br>9,890,190<br>1 April<br>2022<br>£<br>-<br>10,808,044<br>10,808,044|Income<br>£<br>434,824<br>-<br>434,824<br>Income<br>£<br>488,530<br>-<br>488,530|Expenditure<br>£<br>(575,637)<br>-<br>(575,637)<br>Expenditure<br>£<br>(584,512)<br>-<br>(584,512)|Gain &<br>losses<br>£<br>-<br>340,834<br>340,834<br>Gain &<br>losses<br>£<br>-<br>(821,872)<br>(821,872)|Transfers<br>£<br>120,000<br>(120,000)<br>-<br>Transfers<br>£<br>120,000<br>(120,000)<br>-|**31 March**<br>**2024**<br>£<br>**3,205**<br>**10,087,006**|
|---|---|---|---|---|---|---|
|||||||**10,090,211**|
|||||||31 March<br>2023<br>£<br>24,018<br>9,866,172|
|||||||9,890,190|



22 



## **The Norman Family Charitable Trust** 

## **Notes to the accounts for the year ended 31 March 2024** 

## **17. Analysis of net assets between Funds** 

|**Current year**<br>Tangible fixed assets<br>Intangible fixed assets<br>Investments<br>Net current assets<br>**Net assets**<br>**Prior year**<br>Tangible fixed assets<br>Intangible fixed assets<br>Investments<br>Net current liabilities<br>**Net assets**|Unrestricted<br>Funds<br>£<br>62,160<br>249<br>-<br>(59,204)<br>3,205<br>Unrestricted<br>Funds<br>£<br>39,298<br>752<br>(27,266)<br>11,234<br>24,018|Endowment<br>Funds<br>£<br>-<br>-<br>9,979,740<br>107,266<br>10,087,006<br>Endowment<br>Funds<br>£<br>-<br>-<br>9,866,172<br>-<br>9,866,172|**Total Funds**<br>**2024**<br>**£**<br>**62,160**<br>**249**<br>**9,979,740**<br>**48,062**|
|---|---|---|---|
||||**10,090,211**|
||||Total Funds<br>2023<br>£<br>39,298<br>752<br>9,838,906<br>38,871|
||||9,890,190|



## **18. Operating lease commitments** 

## **As lessor** 

The total future minimum lease payments receivable under non-cancellable operating leases are as follows: 

|ollows:|||
|---|---|---|
|Not later than 1 year<br>Later than 1 year and not later than 5 years<br>Later than 5 years|**2024**<br>**£**<br>**140,133**<br>**517,032**<br>**472,738**<br>**1,129,903**|2023<br>£<br>136,633<br>517,032<br>581,872|
|||1,235,537|



## **As lessee** 

The total future minimum lease payments payable under non-cancellable operating leases are as follows: 

|Not later than 1 year<br>Later than 1 year and not later than 5 years|**2024**<br>**£**<br>**9,500**<br>**27,708**<br>**37,208**|2023<br>£<br>9,500<br>37,208|
|---|---|---|
|||46,708|



23 



## **The Norman Family Charitable Trust** 

## **Notes to the accounts for the year ended 31 March 2024** 

## **19. Legacies** 

Under the terms of the Will of the late Mr Philip 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. 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 £194,585 (2023: £194,950). The Trust has certain contingent interests in other trusts created by Mr Philip Norman’s Will but the contingencies are considered to be so remote as not to have any value attributable to them. 

## **20. Pledges** 

At 31 March 2024, the Trustees have pledged grants amounting to £25,500 (2023: £20,000). 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. 

## **21. Capital commitments** 

At 31 March 2024 the Trust had commitments in relation to refurbishment works at Unit 11, South Farm of £nil (2023: £31,809). 

## **22. Related party transactions** 

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. 

During the year the Trust received rent of £3.5k from Sarah Gillingham (Nee Norman) (a Trustee) in respect of rental of a storage space at Unit 11.  No amounts were outstanding at the year end. 

24