Charity number: 313105
ALDERMAN NORMAN'S FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
ALDERMAN NORMAN'S FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 7 |
| Independent auditors' report on the financial statements | 8 - 11 |
| Statement of financial activities | 12 |
| Balance sheet | 13 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15 - 25 |
ALDERMAN NORMAN'S FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees
Reverend J Boston (deceased 13 June 2021) Mr C D Brown, MA, Chairman Mrs T Hughes Reverend P Butcher Mr R Sandall Mr F Whymark Mr N D Bevington (resigned 8 July 2021) Dr J Leach Mr R Hughes Mr D Nobbs Mr T Lawes (appointed 8 July 2021) Reverend A Parsons (appointed 8 July 2021)
Charity registered number
313105
Principal office
Brown & Co, The Atrium, St Georges Street, Norwich, Norfolk, NR3 1AB
Principal operating office
The Atrium, St Georges Street, Norwich, Norfolk, NR3 1AB
Independent auditors
MA Partners Audit LLP, 7 The Close, Norwich, Norfolk, NR1 4DJ
Clerk
Mr N F Saffell, FRICS, FAAV, Brown & Co., The Atrium, St Georges Street, Norwich, NR3 1AB
Investment Advisors
Barratt & Cooke Limited, 5 Opie Street, Norwich, NR1 3DW
Page 1
ALDERMAN NORMAN'S FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2021 to 31 March 2022.
The full name of the charity is:-
Educational Foundation of Alderman John Norman
Objectives and activities
a. Policies and objectives
The original aims of the Foundation were those laid out in the Will of the late Alderman John Norman who died in 1724 and, originally, a Private School situated in Cowgate, Norwich was financed from the estate to ensure that male descendants of Alderman John Norman received a full education.
The school was closed in 1935 and a Scheme was agreed with the Secretary of State for Education as follows.
Broadly, the income of the Foundation is to be applied in one or more of the following ways, namely to assist the education of:
a) young persons descended from Alderman John Norman;
b) young persons resident in the parish of Old Catton; and
c) young persons resident in the city of Norwich and for the benefit of schools established for charitable purposes only or for the benefit of local authority schools for benefits not provided by the local authority.
In 1972, following the sale of the land in Old Catton, the Scheme was amended to incorporate female descendants of Alderman John Norman as a considerable increase in income was achieved from investment of the sale proceeds.
The Trustees, at their discretion, also consider applications from educational organisations within the Parish of Old Catton, the City of Norwich, its immediate suburbs, and Norfolk for the benefit of young people of Norwich and Norfolk.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The Trustees focus on making a positive impact on educating young people from deprived backgrounds in Old Catton, Norwich and Norfolk.
They seek to do this by making the optimum investment of the Foundation's funds and distributing income and working with local organisations that conform to the Scheme of the Foundation.
Page 2
ALDERMAN NORMAN'S FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Objectives and activities (continued)
c. Activities undertaken to achieve objectives
The Foundation seeks to improve education in families with low incomes and expectations by making grants to individuals who meet this criteria to assist with education from the age of 6 up to University level.
The Trustees carefully consider the aspects of poverty and disadvantage which shapes their grant policies. The grant policies are regularly reviewed in light of changing economic and social circumstances.
Evaluation
The Trustees get feedback from:
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Beneficiaries both individuals and other bodies; and
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Looking at the effect on organisations who have been awarded grants.
d. Grant-making policies
The full board of Trustees meets in the early part of the year to confirm the grants payable to the descendants of Alderman John Norman for the forthcoming academic year starting in September.
Grants to other bodies are considered by the Trustees at each full board meeting. Grant applications must be made in writing and the Clerk ensures that the Trustees have all the relevant information needed to make their decisions. Most grants are of an annual nature, however, any requests for extended periods are reviewed and confirmed.
All applications to the Foundation are made through the duly appointed Clerk at the offices of Brown & Co, The Atrium, St Georges Street, Norwich, NR3 1AB.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities and setting the grant making policy for the year. The ways in which the Foundation meets the public benefit requirement are set out above in the context of grants made in furtherance of the charity's objects.
The Trustees have taken advice on the changes in the Charities Act 2011 and have adapted the grant making policies to ensure compliance with its provisions.
e. Main activities undertaken to further the Charity's purposes for the public benefit
Provision of educational grants to children and young people from deprived backgrounds who are descended from Alderman John Norman and other children and young people resident in Catton and Norwich.
Provision of grants to charitable organisations benefitting education of children and young people in the Norwich area.
Page 3
ALDERMAN NORMAN'S FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance
a. Main achievements of the Charity
The Trustees have continued to provide substantial grants to the children and young people from deprived backgrounds in the area of benefit. They have also been able to support a number of charitable organisations providing educational projects to children and young people from the Norwich area.
The Trustees are pursuing the possibility of achieving a sale of part of their property assets to enable an increase in the value of their investments which should generate further funds for charitable purposes in the future.
b. Key performance indicators
Income from investments increased to £287,523 ( 2021: £251,202 ).
Expenditure on charitable activities decreased to £259,687 ( 2021: £305,127) .
c. Review of activities
During the year the Charity made grants to ??? ( 2021: 304) individuals descended from Alderman John Norman in the total amount of £104,946 ( 2021: £102,980 ).
Grants to educational organisations in Old Catton and awards to other organisations decreased to £121,587 ( 2021: £170,168 ).
During the reporting period, total incoming resources increased by £26,493 to £287,990 ( 2021: £261,497) .
Total resources expended decreased by £50,305 to £282,000 ( 2021: £332,305) . Of this total £226,533 ( 2021: £273,148 ) was payable in direct charitable expenditure grants.
In the financial year, the Foundation had net incoming resources before movement on investment assets of £5,990 ( 2021: £70,808 net expenditure).
Under the Statement of Recommended Practice "Accounting and Reporting by Charities" (FRS 102) and Charities Act 2011, investment property is shown at valuation and listed investments are shown at market value. As a result, there are net unrealised gains for the year of £1,444,439 ( 2021: £551,686 gains ) on investment assets. The total fund balance for the year has increased by £1,491,555 to £10,684,318 ( 2021: £9,192,763 ).
Page 4
ALDERMAN NORMAN'S FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
d. Investment policy and performance
The overall objectives are:
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to treat current and future beneficiaries equally.
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To achieve a good balance between risk and returns so as to be able to set short and medium term budgets for expenditure on our charitable objects.
The value of the total funds of the Charity are now £10,684,318 with property holdings being £5,079,950 and financial investments of £5,495,149 with both elements increasing during the year. Income from both property and investments rose during the year following falls in the prior year in response to the Covid-19 Pandemic.
It can be seen from note 10 of the financial statements that certain changes were made to the investment portfolio during the financial year with additions amounting to £587,681 ( 2021: £465,910 ) and disposals to £675,794 ( 2021: £389,433 ).
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The Trustees aim to keep unrestricted funds equivalent to one year's charitable expenditure. This is currently estimated to be between £250,000 and £300,000. Unrestricted funds as at 31 March 2022 were £398,609 .
c. Material investments policy
At each board meeting, the Trustees receive a report on investments from the appointed advisors, Barratt & Cooke Limited, and a representative of the stockbrokers attends the meeting to discuss any recommendations that they may have for acquisitions or disposals. Also in place is the ability for the Trustees to receive advice from the appointed advisors which would be conveyed to all Trustees for urgent decisions to be made. The Trustees look to maximise the return on investments whilst avoiding unnecessary risk based on this advice.
d. Principal funding
Most of the Foundation's income for the reporting period ending 31 March 2022 comprised of rental and dividend income, this enabled the Foundation to meet its objectives set out above.
Page 5
ALDERMAN NORMAN'S FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management
a. Constitution
Alderman Norman's Foundation is a registered charity, number 313105. The Foundation was originally founded under the will of Alderman John Norman dated 19 February 1720. It is currently regulated by a scheme dated 28 April 1972 by the Secretary of State for Education and Science under Section 18 of the Charities Act 1960, as varied by schemes dated 24 August 1973 and 19 October 1993.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Scheme dated 28 April 1972 by the Secretary of State for Education and Science under Section 18 of the Charities Act 1960, as varied by schemes dated 24 August 1973 and 19 October 1993.
The Trustees have over the years numbered a maximum of 11 but this may vary where appropriate candidates with particular skills have been nominated.
c. Organisational structure and decision-making policies
The Trustees meet three times each year to transact the necessary business. Brown and Co. act as property agents to the Foundation and administer the day to day records. Barratt & Cooke Limited administer the Foundation's listed market investments. Each year the Trustees grant Barratt & Cooke Limited discretionary power to buy and sell investments. This is reviewed annually.
d. Policies adopted for the induction and training of Trustees
The appointment of any new Trustees is by proposal from the existing Board and suitable candidates are invited for interview before the Chairman, a Trustee and the Clerk. The nominees are given a copy of the Scheme of the Foundation, the Original Will of the Late Alderman John Norman and a copy of the Foundation's latest financial statements.
e. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Plans for future periods
The Trustees will continue providing grants in line with the guidelines of this Scheme, with specific consideration being given to the balance between grants to descendants and other bodies.
The Trustees own approximately 43 acres of land in Catton and are promoting this land for residential development as part of a large scale scheme in the North East Norwich area. It is hoped this will lead to a large receipt in the coming years.
Page 6
ALDERMAN NORMAN'S FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Statement of Trustees' responsibilities
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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the . 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.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, MA Partners Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
C D Brown
C D Brown (Dec 22, 2022 12:22 GMT)
................................................ Mr C D Brown Trustee
Date: Dec 22, 2022
Page 7
ALDERMAN NORMAN'S FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERMAN NORMAN'S FOUNDATION
Opinion
We have audited the financial statements of Alderman Norman's Foundation (the 'charity') for the year ended 31 March 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 8
ALDERMAN NORMAN'S FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERMAN NORMAN'S FOUNDATION (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Page 9
ALDERMAN NORMAN'S FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERMAN NORMAN'S FOUNDATION (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.
Our approach was as follows:
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We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011 and UK financial reporting standards as issued by the Financial Reporting Council.
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We obtained an understanding of how the charity complies with these requirements by discussions with those charged with governance.
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We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with those charged with governance.
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We inquired of those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
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Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of those charged with governance and obtaining additional corroborative evidence as required.
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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 10
ALDERMAN NORMAN'S FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERMAN NORMAN'S FOUNDATION (CONTINUED)
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 Auditors' report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Frank Shippam
Frank Shippam (Dec 22, 2022 14:09 GMT)
MA Partners Audit LLP
Chartered Accountants Registered Auditors 7 The Close Norwich Norfolk NR1 4DJ
Date: Dec 22, 2022
MA Partners Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 11
ALDERMAN NORMAN'S FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income and endowments from: Investments 4 Other income Total income and endowments Expenditure on: Raising funds 5 Charitable activities Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Net movement in funds before other recognised gains Other recognised gains: Gains on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 287,523 467 287,990 18,655 259,687 278,342 9,648 41,126 50,774 - 50,774 347,835 50,774 398,609 |
Endowment funds 2022 £ - - - 3,658 - 3,658 (3,658) 494,453 490,795 949,986 1,440,781 8,844,928 1,440,781 10,285,709 |
Total funds 2022 £ 287,523 467 287,990 22,313 259,687 282,000 5,990 535,579 541,569 949,986 1,491,555 9,192,763 1,491,555 10,684,318 |
Total funds 2021 £ 251,202 10,295 261,497 27,178 305,127 332,305 (70,808) 557,193 486,385 31,364 517,749 8,675,014 517,749 9,192,763 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 15 to 25 form part of these financial statements.
Page 12
ALDERMAN NORMAN'S FOUNDATION
BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets Investments 10 Investment property 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds 14 Restricted funds 14 Unrestricted funds 14 Total funds |
50,147 63,848 113,995 (4,776) |
2022 £ 5,495,149 5,079,950 10,575,099 109,219 10,684,318 10,684,318 10,285,709 - 398,609 10,684,318 |
51,493 55,593 107,086 (4,506) |
2021 £ 4,960,219 4,129,964 |
|---|---|---|---|---|
| 9,090,183 102,580 |
||||
| 9,192,763 | ||||
| 9,192,763 | ||||
| 8,844,928 - 347,835 |
||||
| 9,192,763 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
C D Brown
C D Brown (Dec 22, 2022 12:22 GMT)
................................................
Mr C D Brown
Trustee
Date: Dec 22, 2022
The notes on pages 15 to 25 form part of these financial statements.
Page 13
ALDERMAN NORMAN'S FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments Movement in cash held by broker Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2022 £ (279,917) 287,523 716,920 (587,681) (128,590) 288,172 8,255 55,593 63,848 |
2021 £ (316,291) 251,202 426,304 (465,910) 115,624 327,220 10,929 44,664 55,593 |
|---|---|---|
The notes on pages 15 to 25 form part of these financial statements
Page 14
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. General information
Alderman Norman's Foundation is an unincorporated registered charity. It is registered in England and Wales. The address of its registered office is Brown & Co, The Atrium, St Georges Street, Norwich, Norfolk, NR3 1AB.
The Charity's principal activity is that of making grants to young descendants of Alderman John Norman and other charities or voluntary bodies for the purpose of the education and benefit of descendants and young people of Norwich and Norfolk.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Alderman Norman's Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Rental income from operating leases is recognised on a straight-line basis over the lease term.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Page 15
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investment property is initially recognised at cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Unrealised investment property gains and losses are shown in the heading 'Gains/(losses) on revaluation of fixed assets' in the Statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 16
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and adjusted for current market conditions and other factors.
Critical accounting estimates and assumptions:
The Trustees make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom be exactly the same as the related actual results.
Investment property
Current economic developments and uncertainties influence the valuation of investment properties. The methods and significant assumptions applied in determining the fair value of our investment properties are mainly due to (i) active market prices, (ii) the influence of so-called rent-free periods and vacancy rates, (iii) the discount rates and (iv) assumed trends in rents.
These market values are based on valuations by independent external valuation experts. The valuation is based on an open market value, supported by market evidence in which assets can be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller in an arm’s length transaction at the date of the valuation.
4. Investment income
| Unrestricted funds 2022 £ Rent 141,152 Bank interest 11 Listed investments 146,360 Total 2022 287,523 Total 2021 251,202 |
Total funds 2022 £ 141,152 11 146,360 287,523 251,202 |
Total funds 2021 £ 119,642 76 131,484 |
|---|---|---|
| 251,202 | ||
Page 17
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. Investment management costs
| Unrestricted funds 2022 £ Investment management fees - Bank charges - Insurance - Property expenditure 18,655 Bad debts - Total 2022 18,655 Total 2021 23,677 |
Endowment funds 2022 £ 649 291 2,718 - - 3,658 3,501 |
Total funds 2022 £ 649 291 2,718 18,655 - 22,313 27,178 |
Total funds 2021 £ 648 296 2,557 13,615 10,062 |
|---|---|---|---|
| 27,178 | |||
6. Analysis of grants
| Grants, Descendants Grants, Old Catton Residents Grants, Special Awards Total 2022 Total 2021 |
Grants to Individuals 2022 £ 104,946 53,375 68,212 226,533 273,148 |
Total funds 2022 £ 104,946 53,375 68,212 226,533 273,148 |
Total funds 2021 £ 102,980 47,996 122,172 |
|---|---|---|---|
| 273,148 | |||
Page 18
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6. Analysis of grants (continued)
Special Awards for the year ended 31 March 2022 comprise:
| Recipient | Amounts Given |
|---|---|
| £ | |
| 31st Norwich Rainbows | 500 |
| 9th Norwich Rangers | 1,000 |
| Benedetti Foundation | 1,000 |
| Break | 10,000 |
| Connects & Co | 5,000 |
| ENYP | 5,000 |
| Freya Williams | 1,000 |
| Frozen Lights | 4,000 |
| GR8 A S U R | 10,000 |
| The Assist Trust | 7,500 |
| The Hebron Trust | 5,000 |
| University of East Anglia | 5,000 |
| Wymondham Youth Bus | 3,000 |
| YMCA Norfolk | 10,212 |
7. Analysis of expenditure by activities
| Descendants Old Catton Residents Special Grants Support costs Total 2022 Total 2021 |
Grant funding of activities 2022 £ 104,946 53,375 68,212 - 226,533 273,148 |
Support costs 2022 £ - - - 33,154 33,154 31,979 |
Total funds 2022 £ 104,946 53,375 68,212 33,154 259,687 305,127 |
Total funds 2021 £ 102,980 47,996 122,172 31,979 |
|---|---|---|---|---|
| 305,127 | ||||
Page 19
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Clerkship and agency fees Registrar Honorarium Other Governance costs Total 2022 Total 2021 |
Charitable activities 2022 £ 21,369 1,785 1,764 8,236 33,154 31,979 |
Total funds 2022 £ 21,369 1,785 1,764 8,236 33,154 31,979 |
Total funds 2021 £ 20,516 1,785 1,306 8,372 |
|---|---|---|---|
| 31,979 | |||
8. Auditors' remuneration
- The auditors' remuneration amounts to an auditor fee of £3,834 (2021 £3,498) , and an accounts fee of £942 ( 2021 - £955 ).
Page 20
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .
10. Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Disposals Revaluations Amounts written off At 31 March 2022 11. Investment property |
Listed investments £ 4,960,219 587,681 (675,794) 494,453 128,590 |
|---|---|
| 5,495,149 | |
| Valuation At 1 April 2021 Surplus on revaluation At 31 March 2022 |
Freehold investment property £ 4,129,964 949,986 |
|---|---|
| 5,079,950 |
The Trustees undertook a project to value its properties on a professional basis and this valuation was undertaken by Brown & Co – Property and Business Consultants LLP (“Brown & Co”), who reported as at 31 March 2022. The 2022 valuation was made in accordance with the RICS Valuation – Global Standards 2017 published by the Royal Institution of Chartered Surveyors (The Red Book). This valuation has been adopted by the Trustees and reflected in the financial statements carrying value.
Page 21
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. Debtors
| Due within one year Rent receivable Other debtors Dividends receivable |
2022 £ 28,910 12,500 8,737 50,147 |
2021 £ 21,674 12,500 17,319 |
|---|---|---|
| 51,493 |
13. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 4,776 | 4,506 |
Page 22
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
14. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Fund | 347,835 | 287,990 | (278,342) | 41,126 | 398,609 |
| Endowment funds | |||||
| Endowment Fund | 8,844,928 | - | (3,658) | 1,444,439 | 10,285,709 |
| Total of funds | 9,192,763 | 287,990 | (282,000) | 1,485,565 | 10,684,318 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Fund | 378,271 | 261,497 | (328,804) | 36,871 | 347,835 |
| Endowment funds | |||||
| Endowment Funds - all funds | 8,296,743 | - | (3,501) | 551,686 | 8,844,928 |
| Total of funds | 8,675,014 | 261,497 | (332,305) | 588,557 | 9,192,763 |
Page 23
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 Endowment funds 2022 £ £ Fixed asset investments - 5,495,149 Investment property - 5,079,950 Current assets 403,385 (289,390) Creditors due within one year (4,776) - Total 398,609 10,285,709 Analysis of net assets between funds - prior year Unrestricted funds 2021 Endowment funds 2021 £ £ Fixed asset investments - 4,960,219 Investment property - 4,129,964 Current assets 352,341 (245,255) Creditors due within one year (4,506) - Total 347,835 8,844,928 Reconciliation of net movement in funds to net cash flow from operating activities 2022 £ Net income for the year (as per Statement of Financial Activities) 541,569 Adjustments for: Gains on investments (535,579) Dividends, interests and rents from investments (287,523) Decrease in debtors 1,346 Increase in creditors 270 Net cash used in operating activities (279,917) |
Total funds 2022 £ 5,495,149 5,079,950 113,995 (4,776) 10,684,318 Total funds 2021 £ 4,960,219 4,129,964 107,086 (4,506) 9,192,763 2021 £ 486,385 (557,193) (251,202) 5,593 126 (316,291) |
|---|---|
16. Reconciliation of net movement in funds to net cash flow from operating activities
Page 24
ALDERMAN NORMAN'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
17. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2022 £ 63,848 63,848 |
2021 £ 55,593 |
|---|---|---|
| 55,593 |
18. Analysis of changes in net debt
| Cash at bank and in hand | At 1 April 2021 £ 55,593 55,593 |
Cash flows £ 8,255 8,255 |
At 31 March 2022 £ 63,848 |
|---|---|---|---|
| 63,848 |
19. Operating lease income commitments
At 31 March 2022 the Charity was due to receive future minimum lease payments under non-cancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years |
2022 £ 83,572 194,977 12,597 291,146 |
2021 £ 115,930 206,780 12,487 |
|---|---|---|
| 335,197 |
20. Related party transactions
A grant of £7,500 ( 2021: £Nil ) was provided to The Assist Trust where Trustee Mrs T Hughes is a Trustee.
A grant of £Nil ( 2021: £3,000 ) was provided to Norwich School where Trustee Dr J Leach's husband is the Chair of Governors.
Page 25
2022 Alderman Norman accounts for signing
Final Audit Report
2022-12-22
Created: 2022-12-22 By: Mary Derbyshire (mary.derbyshire@brown-co.com) Status: Signed Transaction ID: CBJCHBCAABAAhYMK8HwG0JaJhQMTEB9b1_r6c-kph43E
"2022 Alderman Norman accounts for signing" History
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