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2024-03-31-accounts

Charity registration number 313105

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr C D Brown
Mr T Lawes
Mr D J Nobbs
Rev P Butcher
Mr R Sandall
Mrs T C Hughes
Mr R Hughes
Dr J Leach
Mr F Whymark
Rev A Parsons
Charity number 313105
Principal address Brown & Co
The Atrium
St George's Street
NORWICH
Norfolk
United Kingdom
NR3 1AB
Auditor Argents Audit Services Limited
15 Palace Street
NORWICH
Norfolk
United Kingdom
NR3 1RT
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

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 24

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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).

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.

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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:

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.

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 have now sold 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.

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

B. Key performance indicators

Income from investments increased to £298,248 ( 2023: £290, 977). Expenditure on charitable activities increased to £293,963 ( 2023: £285,253) .

C. Review of activities

During the year the Charity made grants to 293 ( 2023: 286) individuals descended from Alderman John Norman in the total amount of £99,615 ( 2023: £95,355 ).

Grants to educational organisations in Old Catton and awards to other organisations decreased to £151,815 ( 2023: £154,090 ).

During the reporting period, total incoming resources increased by £37,779 to £328,985 ( 2023: £291,206) .

Total resources expended increased by £11,473 to £320,363 (2023: £308,890). Of this total £251,430 (2023: £249,445) was payable in direct charitable expenditure grants.

In the financial year, the Foundation had net income before movement on investment assets of £8,622 (2023: £17.684 net outgoing resources).

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 £462,790 ( 2023: £83,971 gains ) on investment assets. The total fund balance for the year has increased by £471,412 to £11,222,017 ( 2023: £10,750,605 ).

D. Investment policy and performance

The overall objectives are:

• to treat current and future beneficiaries equally.

• 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 £11,222,017 with property holdings being £2,770,727 and financial investments of £6,116,602.

It can be seen from note 14 of the financial statements that certain changes were made to the investment portfolio during the financial year with additions amounting to £1,533,657 ( 2023: £660,603 ) and disposals to £806,807 ( 2023: £598,804 ).

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 £60,000 and £70,000. Unrestricted funds as at 31 March 2024 were £101,663 .

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 year ended 31 March 2024 comprised of rental and dividend income, this enabled the Foundation to meet its objectives set out above.

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 have now sold approximately 43 acres of land in Catton for residential development as part of a large scale scheme in the North East Norwich area. This has lead to a receipt of approximately £2.8 million payable over 4 years. This will lead to extra income and the likelihood of higher charitable grants being made.

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.

The trustees who served during the year and up to the date of signature of the financial statements were:

Mr C D Brown Mr T Lawes Mr D J Nobbs Rev P Butcher Mr R Sandall Mrs T C Hughes Mr R Hughes Dr J Leach Mr F Whymark Rev A Parsons

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.

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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:

￿ state whether applicable UK Accounting Standards (FRS 102) 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 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.

The trustees' report was approved by the Board of Trustees.

Mr C D Brown

Trustee

19 December 2024

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

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 year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, 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.

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

Opinion

We have audited the financial statements of Educational Foundation of Alderman John Norman (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 charity 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 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 cease operations, or have no realistic alternative but to do so.

Auditor's 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

Audit response to risks identified

Our procedures to respond to risks identified included the following:

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) 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 now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

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 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Johnstone (Senior Statutory Auditor) for and on behalf of Argents Audit Services Limited 19 December 2024 Chartered Accountants Statutory Auditor 15 Palace Street NORWICH Norfolk United Kingdom NR3 1RT

Argents Audit Services Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Endowment
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Investments
3
298,044
204
Other income
4
30,737
-
Total income and
endowments
328,781
204
Expenditure on:
Raising funds
5
25,374
1,026
Charitable activities
6
293,963
-
Total expenditure
319,337
1,026
Net gains/(losses) on
investments
11
-
462,790
Net income and movement in
funds
9,444
461,968
Reconciliation of funds:
Fund balances at 1 April 2023
92,219
10,658,386
Fund balances at 31 March
2024
101,663
11,120,354		 Total
Unrestricted Endowment
funds
funds
2024
2023
2023
£
£
£
298,248
290,997
-
30,737
209
-
328,985
291,206
-
26,400
22,953
684
293,963
285,253
-
320,363
308,206
684
462,790
-
83,971
471,412
(17,000)
83,287
10,750,605
109,219
10,575,099
11,222,017
92,219
10,658,386		 Total
2023
£
290,997
209
291,206
23,637
285,253
308,890
83,971
66,287
10,684,318
10,750,605

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Investment property
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
17
Income funds
Unrestricted funds		 2024
£
£
2,770,727
6,116,602
8,887,329
2,196,705
142,843
2,339,548
(4,860)
2,334,688
11,222,017
11,120,354
101,663
11,222,017		 2023
as restated
£
£
5,405,700
5,136,442
10,542,142
27,795
185,528
213,323
(4,860)
208,463
10,750,605
10,658,386
92,219
10,750,605		 2023
as restated
£
£
5,405,700
5,136,442
10,542,142
27,795
185,528
213,323
(4,860)
208,463
10,750,605
10,658,386
92,219
10,750,605
10,542,142
208,463
10,750,605
10,658,386
92,219
10,750,605

The financial statements were approved by the Trustees on 19 December 2024

Mr C D Brown Trustee

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
22
(2,454,742)
Investing activities
Proceeds from disposal of investment
property
2,844,453
Purchase of other investments
(1,533,657)
Proceeds from disposal of other investments
806,807
Investment income received
294,454
Net cash generated from investing
activities
2,412,057
Net cash used in financing activities
-
Net decrease in cash and cash equivalents
(42,685)
Cash and cash equivalents at beginning of year
185,528
Cash and cash equivalents at end of year
142,843		 2023
£
£
(286,374)
-
(660,603)
598,804
291,126
229,327
-
(57,047)
242,575
185,528

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Educational Foundation of Alderman John Norman is a 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..

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Rental income from operating leases is recognised on a straight-line basis over the lease term.

1.5 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. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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.

1.6 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Income from investments

Unrestricted Endowment
funds
funds
2024
2024
£
£
Rental income
135,554
-
Income from listed
investments
161,351
204
Interest receivable
1,139
-
298,044
204		 Total
Unrestricted Endowment
funds
funds
2024
2023
2023
£
£
£
135,554
135,713
-
161,555
154,959
-
1,139
325
-
298,248
290,997
-		 Total
2023
£
135,713
154,959
325
290,997

4 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Other income 30,737 209

5 Expenditure on raising funds

Unrestricted Endowment
funds
funds
2024
2024
£
£
Property management
Property expenditure
21,141
-
Insurance
3,940
-
Bank charges
293
-
25,374
-
Investment management
-
1,026
Total costs
25,374
1,026		 Total
Unrestricted Endowment
funds
funds
2024
2023
2023
£
£
£
21,141
19,627
-
3,940
3,033
-
293
293
-
25,374
22,953
-
1,026
-
684
26,400
22,953
684		 Total
2023
£
19,627
3,033
293
22,953
684
23,637

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6 Expenditure on charitable activities

Grant Grant
funding funding
activities activities
2024 2023
£ £
Direct costs
Grant funding of activities (see note 7) 251,430 249,445
Share of support and governance costs (see note 8)
Support 33,447 27,281
Governance 9,086 8,527
293,963 285,253
Analysis by fund
Unrestricted funds 293,963 285,253
Grant Grant
funding funding
activities activities
2024 2023
£ £
Grants to Old Catton Schools/Organisations 58,500 60,000
Grants, Special Awards 93,315 94,090
151,815 154,090
Grants to Decendants 99,615 95,355
251,430 249,445
Grant funding activities
Special Awards for the year ended 31 March 2023 comprise of:
Recipient £
EACH 2,500
The Garage Trust Ltd 2,000
The Matthew Project 5,000
Asperger East Anglia 3,000
Norfolk & Norwich SEND Assoc. Ltd 5,000
YOPEY 5,000
Wymondham Youth Bus 5,000
CAST 1,500
Norfolk Summer School 2,850
RNAA 1,000
Assist Trust 3,000
YMCA 5,000

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7
Grants payable
Norfolk Community Arts
The Hamlet Centre Trust
Connects & Co
Mile Cross Primary School
1st Aylsham Scouts
National Centre for Writing
Sprowston Infant School
ENYP
Musical Keys
The Joe Dix Foundation
Unused returned Grant
Grants to Catton Schools/Organisations is compised of :
Recipient
Catton Grove Primary School
SYEB
White Woman Lane School
Old Catton C of E Junior School
Garrick Green Infant school
Lodge Lane Infant School
8
Support costs allocated to activities
Clerkship and agency fees
Registrar Honorarium
Other
Governance costs
Analysed between:
Grant funding activities		 (Continued)
10,000
5,000
5,955
7,500
2,500
1,500
6,500
5,000
5,000
4,510
(1,000)
93,315
£
16,000
12,500
7,500
7,500
7,500
7,500
58,500
2024
2023
£
£
28,915
22,877
2,980
2,785
1,552
1,619
9,086
8,527
42,533
35,808
42,533
35,808		 (Continued)
10,000
5,000
5,955
7,500
2,500
1,500
6,500
5,000
5,000
4,510
(1,000)
93,315
£
16,000
12,500
7,500
7,500
7,500
7,500
58,500
2024
2023
£
£
28,915
22,877
2,980
2,785
1,552
1,619
9,086
8,527
42,533
35,808
42,533
35,808
35,808
35,808

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs allocated to activities (Continued)
2024 2023
Governance costs comprise: £ £
Audit fees 3,900 3,900
Accountancy 960 960
Clerkship and agency fees 4,226 3,667
9,086 8,527
9 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 3,900 3,900
Profit on disposal of investment property (344,453) -

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Gains and losses on investments

Endowment Endowment
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 253,310 (241,779)
Revaluation of investment properties (134,973) 325,750
Sale of investment properties 344,453 -
462,790 83,971

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13 Investment property

Investment property
2024
£
Fair value
At 1 April 2023 5,405,700
Disposals (2,500,000)
Net gains or losses through fair value adjustments (134,973)
At 31 March 2024 2,770,727

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by Brown & Co - Property and Business Consultants LLP, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation has been adopted by the Trustees and reflected in the financial statements carrying value.

Freehold
Long leasehold
Short leasehold		 2024
£
2,770,727
-
-
2,770,727		 2023
£
5,405,700
-
-
5,405,700

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 April 2023 5,136,442
Additions 1,533,657
Valuation changes 253,310
Disposals (806,807)
At 31 March 2024 6,116,602
Carrying amount
At 31 March 2024 6,116,602
At 31 March 2023 5,136,442

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15
Debtors
Amounts falling due within one year:
Other debtors
Amounts falling due after more than one year:
Other debtors
Total debtors
16
Creditors: amounts falling due within one year
Accruals and deferred income		 2024
£
453,548
2024
£
1,743,157
2,196,705
2024
£
4,860		 2023
£
27,795
2023
£
-
27,795
2023
£
4,860

17 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Permanent endowments
Endowment fund - permanent
Previous year:
Permanent endowments
Endowment fund - permanent		 At 1 April
2023
£
-
10,658,386
10,658,386
At 1 April
2022
£
10,575,099		 Incoming
resources
£
204
-
204
Incoming
resources
£
-		 Resources
expended
£
-
(1,026)
(1,026)
Resources
expended
£
(684)		 Gains and
losses
At 31 March
2024
£
£
-
204
462,790
11,120,150
462,790
11,120,354
Gains and
losses
At 31 March
2023
£
£
83,971
10,658,386

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
General funds
Analysis of net assets between funds
At 31 March 2024:
Investment properties
Investments
Current assets/(liabilities)
Per balance sheet
Balance to allocate
At 31 March 2023:
Investment properties
Investments
Current assets/(liabilities)		 At 1 April
2023
Incoming
resources
Resources
expended
At 31 March
2024
£
£
£
£
92,219
328,781
(319,337)
101,663
At 1 April
2022
Incoming
resources
Resources
expended
At 31 March
2023
£
£
£
£
109,219
291,206
(308,206)
92,219
Unrestricted
Endowment
Total
funds
funds
2024
2024
2024
£
£
£
-
2,770,727
2,770,727
-
6,116,602
6,116,602
101,867
2,232,821
2,334,688
101,867
11,120,150
11,222,017
101,663
11,120,354
11,222,017
(204)
204
-
Unrestricted
Endowment
Total
funds
funds
2023
2023
2023
£
£
£
-
5,405,700
5,405,700
-
5,136,442
5,136,442
92,219
116,244
208,463
92,219
10,658,386
10,750,605

19 Analysis of net assets between funds

20 Operating lease commitments

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

20 Operating lease commitments

(Continued)

Lessor

At 31 March 2023 the Charity was due to receive future minimum lease payments under non-cancellable operating leases as follows:

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

Within one year
Between two and five years
In over five years		 2024
£
64,730
142,740
58,706
266,176		 2023
£
80,128
180,954
85,223
346,305

21 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

The Assist Trust (where Mrs T Hughes is a Trustee)
22
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of investment property
Fair value gains and losses on investment properties
Fair value gains and losses on investments
Movements in working capital:
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Cash absorbed by operations		 Grants issued
2024
2023
£
£
3,000
3,000
3,000
3,000
2024
2023
£
£
471,412
66,287
(298,248)
(290,997)
(344,453)
-
134,973
(325,750)
(253,310)
241,779
(2,165,116)
22,223
-
84
(2,454,742)
(286,374)		 Grants issued
2024
2023
£
£
3,000
3,000
3,000
3,000
2024
2023
£
£
471,412
66,287
(298,248)
(290,997)
(344,453)
-
134,973
(325,750)
(253,310)
241,779
(2,165,116)
22,223
-
84
(2,454,742)
(286,374)
3,000
2023
£
66,287
(290,997)
-
(325,750)
241,779
22,223
84
(286,374)

EDUCATIONAL FOUNDATION OF ALDERMAN JOHN NORMAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

23 Analysis of changes in net funds

The charity had no material debt during the year.